The Euro stopped falling. Overview for 03.11.2020

EURUSD is looking rather weak but the decline was put on hold.

The major currency pair doesn’t look very good but bears aren’t so active on Tuesday morning as earlier. The current quote for the instrument is 1.1660.

Today is the zero hour for the USA as the country is electing its President. He that is elected as the White House host will directly influence the country’s politics and economics. Nothing is left but waiting, so both the USD and the Euro are staying put.

The Markit Manufacturing PMI published by the USA yesterday showed 53.4 points in October after being 53.2 points the month before. The indicator was boosted by the output growth driven by stronger client demand and higher new order inflows. However, not everything was so good: new export orders fell for the first time since July. 

Nowadays, even the smallest improvements in the PMI are considered positive because they signal that the country’s economy is reaching stability. In the third quarter of 2020, stable economic growth was mostly considered as a correction, which may inevitably weaken a bit later. Instead, the PMI statistics show that the tendency is quite stable and that’s good for the start of the fourth quarter. 

Out of all data planned for today, market players may be interested in the Factory Orders for September. However, all eyes are on the presidential elections and the "circus" that’s accompanying them.