EURUSD is regaining positions. Overview for 16.11.2018

16.11.2018

The major currency pair is being corrected to the upside for the fourth consecutive trading session; however, investors are very cautious. 

EURUSD continues he correction on Friday morning. The current quote for the instrument is 1.1337; the weekly low is at 1.1214.

The numbers published by the USA yesterday were mostly positive. The Retail Sales expanded by 0.8% m/min October after losing 0.1% m/m in the previous month and against the expected reading of +0.6% m/m. On YoY, the indicator increased by 4.6%, which is much better than in September. Interesting is the fact that the Core Retail Sales added 0.7% m/m and that was also better than expected. 

The Empire State Manufacturing Index increased up to 23.3 points in November after being 21.1 points the month before and against the expected reading of 19.9 points. 

The weekly Unemployment Claims report showed 216K after being 214K the week before and against the expected reading of 213K. Fluctuations in the range between 210K and 220K is okay for this indicator, that’s why investors barely responded to it. Several policymakers from the US Federal Reserve spoke yesterday evening, including the regulator’s Chairman Jerome Powell, but their comments had no influence on the currency market. 

At the moment, the USD is being pressured by recovery of some commodity currencies along with renewed purchases on the US stock market. 

Today should be a quiet day for the USD. The economic calendar includes several indicators from Europe and the speech to be delivered by the ECB Governor Mario Draghi. Later in the evening, the USA are scheduled to report on the Industrial Production and the Capacity Utilization Rate.

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.