- Euro falls back after having traded at highs in almost three months against the dollar.
- Ahead: various US economic reports and Fed minutes.
The EUR / USD climbed at the start of the European session to 1.1933, the highest level since September 1. Then it lost momentum and recently fell to 1.1881, the new low for the day. It is trading around 1.1890, with stocks moderating the rises and on the lead of several US economic reports.
The decline in the EUR / USD occurred before a slight recovery of the dollar in the market. The pressures against the greenback remain in place, in a context of optimism about the advance of the coronavirus vaccine and the presidential transition in the United States. Stock markets have fallen from recent highs (historic in the case of Wall Street) as has oil.
Added to this are the recent US economic reports that showed an improvement in the pace of activity. In the next few hours several reports will come out that will be closely analyzed. These include unemployment benefit requests, a new third-quarter GDP reading, new home sales, personal consumption spending and consumer confidence. In the afternoon of the American session, the Federal Reserve will publish the minutes of the last FOMC meeting.
Wednesday’s will be the last normal day of the week since the Thursday and Friday will be a US holiday and a drop in trading volume is expected.
Technical levels
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