The USD found itself among underdogs. Overview for 09.11.2020

EURUSD continues rising after Joe Biden’s election victory in the USA.

The major currency pair remains “in the black” and tries to keep its positive momentum. The current quote for the instrument is 1.1890.

The key trigger that is currently against the American Dollar is the expectations of a new stimulus package to support the country’s economy after Joe Biden’s election victory. Of course, it won’t happen today or tomorrow as there are a lot of contradictions and misunderstandings between the Democrats and the Republicans in congress. However, Biden’s office, after it is appointed, of course, will have to consider this issue pretty quickly. 

The statistics published last Friday by the USA were interestingб although it was moved to the back burner by presidential elections. 

For example, the Unemployment Rate in the USA dropped to 6.9% in October against the expected reading of 7.7%. It’s a good result, given that the indicator was widely expected to lose its positive momentum. The Non-Farm Employment Change showed 638K against market expectations of 600K. It could have been better but the actual reading is still fine. 

The only thing that let the “greenback” down was Average Hourly Earnings, which added only 0.1% m/m in October against the expected reading of +0.2% m/m. 

In general, one may well say that the labor market in the USA is still able to keep its positive momentum and trying to recover contrary to all predictions.