The Euro continues falling. Overview for 07.11.2019

2019-11-08 21:02    RoboForex

EURUSD has been falling for the fourth consecutive trading session; market players are hoping for the better.

The major currency pair continues falling on Thursday morning. The current quote for the instrument is 1.1062.

The key catalyst on the market remains the same: investors are hoping that the USA and China, who are actively working on the first phase of their trade agreement, will sign it in the nearest future. Market expectations imply November, which means that it may happen onу ща these days. This, in its turn, reduces the interest in “safe haven” assets and makes the American currency stronger. 

It’s obvious that the parties, both the USA and China, need the deal. However, the time passes by, negotiations are impeded, although news media says that they keep going. 

Yesterday, the Euro Area reported on the Retail Sales in September, which added 0.1% m/m, the same as expected. However, it’s worse than the August reading, which was revised upwards, from +0.3% m/m to +0.6% m/m, and that’s a good signal. Probably, season sales had their effect. 

There will be a meeting of the Eurogroup today, while the European Commission is going to publish its Economic Forecasts. If there are no surprises here, the Euro will remain under pressure from the current drivers and catalysts. Later in the evening, the USA is scheduled to report on the Consumer Credit in September, which is expected to go from 17.9B to 15.6B.

EUR

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