EURUSD turns positive and targets the parity zone – by pabspiovano EURUSD Currencies Majors
German 10-year bund yields extend the move to multi-day highs.adds to Friday’s advance and flirts with the 0.9970 region at the beginning of the week.The initial knee-jerk in EURUSD meets support in the 0.9900 region so far on Monday and manages to flirt with the area of recent tops around 0.9970/80 band amidst further loss of momentum in the greenback.
Data wise in the domestic calendar, Germany’s Construction PMI improved to 43.8 in October . Later, ECB’s Panetta is due to speak. Across the pond, Consumer Credit Change will be the sole release ahead of speeches by FOMC’s Collins and Mester.EURUSD extends Friday’s recovery and seems on its way to challenge the key parity zone sooner rather than later.
Furthermore, the increasing speculation of a potential recession in the region - which looks propped up by dwindling sentiment gauges as well as an incipient slowdown in some fundamentals – adds to the fragile sentiment around the euro in the longer run. – EMU Retail Sales – Italy Industrial Production – Germany Final Inflation Rate .: Continuation of the ECB hiking cycle vs. increasing recession risks.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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