EURUSD is trying to win back lost positions. Overview for 26.11.2018

The major currency pair is recovering after a disastrous trading session last Friday.

EURUSD is successfully recovering on Monday afternoon. The current quote for the instrument is 1.1370.

Last Friday, investors were really disappointed by the statistics. The Flash Services PMI decreased up to 53.1 points in November after being 53.7 points in the previous month and against the expected reading of 53.6 points. The Flash Manufacturing PMI also fell, from 52.0 points in October to 51.5 points this month, although the indicator wasn’t expected to change.

The report aggravated the current market situation, because investors and market players from both parties (the European Union and the United Kingdom are equally worrying about the business sentiment) believe that the Brexit may significantly slow down business processes and reduce enterprise activities due to  “blurred” outcomes of the entire procedure. 

In addition to that, the Euro is still influenced by frictions between the European Commission and Italy relating to the budget of the latter. 

However, the statistics published by the USA on Friday evening didn’t support the USD either. The Flash Markit Manufacturing PMI decreased up to 55.4 points in November after being 55.7 points the month before. The Flash Markit Services PMI also moved downwards, from 54.8 points to 54.4 points. 

There will be no important reports today. Still, in the afternoon investors are recommended to pay attention to ECB President Mario Draghi’s speech. There might be a slight rebound in EURUSD, but not for long: the drivers and catalysts that put pressure on the major currency pair aren’t going anywhere.