While there is no much news on the market, the EUR/USD pair is getting more expensive and not waiting for changes in sentiments.
The EUR/USD pair is growing on Monday. The current quote for the instrument is 1.0630; the daily high was 1.0680. The pair moved rather far from this year’s “bottom” and looks ready for another volatile trading week.
There is little news today, and even less statistics. The Eurozone published the M3 Money Supply, which expanded by 4.4% y/y in October against expectations of 5%. The market paid very little attention to the report. Even less attention was to the Loan Growth, which in October added 1.8% y/y.
Judging by the movement in the main currency pair today, investors are following the technical correction after selling the EUR/USD pair for quite a long time. This movement is temporarily, but the instrument needed such a rebound.
On Monday evening, the Head of the ECB, Mario Draghi, will take the floor. The market is expecting him to bring up the topic of the QE program duration one way or another, whether it will be finished in March 2017, just as it has to be, or extended. Draghi is unlikely to say it straight, but any hints will be enough for investors.
In general, the EUR/UISD pair is expected to trade quietly on Monday.
RoboForex Analytical Department
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