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Home / Analytics / Forex analysis & forecasts / Forex Fundamental analysis / The Euro is moving higher. Overview for 02.11.2016
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The Euro is moving higher. Overview for 02.11.2016

The single European currency is strengthening triumphantly for the second consecutive day; October’s highs are ahead.

The EUR/USD pair is rising for the second trading session in a row. The current quote for the instrument is 1.1090.

The market’s attention to the USD died out quickly, although it seems as if there are no reason for this. The two day meeting of the USA Fed will be over today – a lot was said about this and now everyone is waiting for the results and comments.

Yesterday’s statistics showed that the ADP Non-Farm Employment Change in October increased less than it was predicted. The indicator added 147 thousand although it was expected to improve by 165 thousand. The September number, in its turn, was revised for the better (it was a surprise), from 154 thousand to 202 thousand.

There is no any close correlation between the ADP report and Non-Farm Payrolls to be published on Friday, that’s why any conclusions from today’s numbers will have no basis behind them. However, the fact that the ADP number is behind the expectations may count against the USD.

One way or another, active movement in the EUR/USD pair will start later this evening, when the Fed publishes its first news.
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