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Home / Analytics / Forex analysis & forecasts / Forex Fundamental analysis / The Euro reached another “bottom”. Overview for 24.11.2016
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The Euro reached another “bottom”. Overview for 24.11.2016

24.11.2016
On Thursday evening, the main currency pair is moving downwards a little bit; the empty market didn’t prevent the pair from updating its yearly lows.

The EUR/USD pair remains under pressure on Thursday, although late in the afternoon this pressure seemed rather symbolic. The current quote for the instrument is 1.0549.

American markets are closed today due to Thanksgiving Day. There is no significant statistics in the calendar this evening, but investors already responded to the reports published in the afternoon. Germany reported on the GDP Growth Rate in the third quarter, and the indicator was weaker than expected: the economy added 1.5% y/y against market expectations of 1.7% y/y.

On a quarter-on- quarter basis, the GDP increased by 0.2% after adding 0.4% in the second quarter. The components of the report showed that the Domestic Demand improved faster than in the quarter before, by 0.4%. At the same time, the Public consumption advanced by 1%, slowing from a 1.2% increase in the previous three months. Such contradictory expenditure categories and mixed activity in businesses probably resulted in such complicated numbers.

The Ifo Business Climate in November was 110.4 points, a slightly below market expectations of 110.5 points. The Current Conditions increased up to 115.6 points against the expected reading of 115.0 points. The Future Expectations, in its turn, deteriorated up to 105.5 points although it was expected to be 106 points. The data is rather mixed, but it’s not a surprise in connection with very few signs of the economic system slowdown.

The pair will trade quietly this evening due to the “empty” market, as there will be no significant news.  
 
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