EURUSD is “creeping” upwards. Overview for 29.11.2018
The major currency pair is rising a bit on Thursday after some confusing comment from Jerome Powell.
The Euro is keeping positive momentum and recovering against the USD on Thursday. The current quote for the instrument is 1.1392.
Yesterday, the USA published a lot of interesting numbers. The second revision of the US GDP in the third quarter was no surprise for anybody: the indicator expanded by 3.6%, the same as the first revision, although the expected reading was 3.6%.
The Prelim Wholesale Inventories added 0.7 m/m, which is better than both the previous and expected readings of 0.4% m/m and 0.5% m/m respectively.
However, the USD was let down by the New Home Sales. The indicator was 544K in October after being 597K the month before and against the expected reading of 583K.
And the “finishing shot” to the USD was made by the US Federal Reserve Chairman Jerome Hayden Powell. In his comments, he said that the current rate values were just a bit lower than neutral ones, although a month ago it was said that they were very far away from their targets. Investors took this information as a signal that the regulator wouldn’t tighten its monetary policy as fast as it was expected. At the same time, markets are waiting for another rate hike in December; the current market expectations are 83%.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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