The common currency is battling for direction on Wednesday, provoking EURUSD to remain so far cautious around the 1.1080 level.

After a negative beginning of the week, the pair seems to have met some decent support in the region of a week ago’s lows close to 1.1070, consistently in the midst of a moderate bounce back in the demand for the buck.

The improved mood in the global risk sentiment in light of growing optimism from the US-Sino trade talks has given an additional boost to the US dollar through higher yields, all weighing down on spot and compelling it to leave the upper end of the range in the 1.1170 area.

Some support for the EUR came from the German docket after Factory Orders jumped notably 1.3% in September, better than expected.

On the economic data front, last Services PMIs are expected later today alongside Retail Sales in the Eurozone. Across the pond, Non-farm Productivity and Unit Labor Costs are due along with the EIA’s report on US crude oil inventories. Also, FED speakers are eyed.

Rose Alice

About: Rose Alice

Rose Alice has a long experience as a currency analyst with a deep knowledge of the relationship between macroeconomics and currencies fluctuation.

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