EUR/USD was looking for a new direction in a busy week. What’s next? The common currency faces yet another busy week with PMIs, trade balance and more. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
Upbeat euro-zone growth continues and has reached 2.5% y/y in Q3 2017. The unemployment rate also looks good, dipping under 9%. Nevertheless, the level of inflation is dropping once again: 1.4% in the headline and 0.9% in core CPI. The ongoing Catalan crisis has reached new lows with the jailing of most of the ousted regional government, but the euro ignores it. In the US, Trump is in trouble over the Russia investigation. However, the economy is looking good and the Fed is set to raise rates in December, the last expected hike before Powell is due to enter his new job as Fed Chair. While the NFP report showed weak wage growth at 2.4%, the upbeat ISM Non-Manufacturing PMI kept the greenback bid late in the week.
Updates:
EUR/USD daily graph with support and resistance lines on it.
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