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EUR/USD picks up Momentum and moves towards 0.9800 during the early hours of today. Also, the United States Jobs for October will probably influence the pair when it is published later today. This report is likely to aid the US dollar against its counterpart Which will then drive the pair before the weekend begins.
A very steep rise was witnessed in the ERU/GBP pair yesterday (Thursday). This showed that the EUR is gaining some upside momentum coming from capital flow from the GBP area. The BOE revealed that the highest interest rate might be lower than 5.2% weighed into the market. Investors see this remarks as a sign of less violent tightening. position.
Additionally Stories Surrounding EUR/USD Performance
The ECB (European Central Bank) president – Christine Lagarde, disclosed yesterday that policy actions ought to be taken by them as inflation stays elevated. Additionally, she included that they have to pay attention to carryovers from the Fed’s policy and factor in the exchange rate in their inflation projections. At the same time, the United States Dollar keeps losing momentum today (Friday) as the market mood improves.
The United States Bureau of Statistics will publish last month’s (October) job statement later today. Also, the Nonfarm payrolls are predicted to increase by 200,000 after September’s increase of 263,000. Yesterday the Employment index part of the ISM’s service PMI survey arrived at 49.1, which indicates a contracting service sector. The USD will probably find it difficult to draw offers if the NFP data isn’t published. Consequently, this will make way for more upside moves in the EUR/USD pair.
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