The Euro continues growing. Overview for 09.10.2020
At the end of the week, the major currency pair remains “in the black” and keeps its positive momentum.
EURUSD reached stability and continues rising. The current quote for the instrument is 1.1780.
Apart from other factors, such as a stable external background and lack of new stresses and coronavirus-related news, the USD is falling at the end of another October week because of political information from the United States – market players are responding to the news about the lead change in the presidential race – the 45th President of the United States Donald Trump lost positions in 5 states to his direct competitor.
At the same time, investors perfectly understand that a new stimulus package will be approved no matter who wins the elections because the country’s economy needs it. This factor makes them happier and puts pressure on the “greenback”.
The statistics published yesterday showed that the Unemployment Claims was 840K this week after being 849K the week before and against the expected reading of 820K. The labor market is improving but not as fast as wished it to be.
There are few interesting statistics today but one should pay attention to the Wholesale Inventories in the USA, which may add 0.5% m/m.
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.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.