November 25, 2020 11:01 am
EUR/USD. November 25, 2020 – Euro has renewed its maximum in early SeptemberOn Wednesday morning, the EUR/USD pair rose to 1.1930, hitting the high of early September. The European currency is supported by hopes that the coronavirus pandemic will be defeated in the near future. Markets are in anticipation of the imminent production of the Covid vaccine and the recovery of the global economy.
At the same time, the pressure on the dollar came from a weaker than expected value of the US consumer confidence index from the Conference Board. In November, the indicator fell to 96.1 points against the forecast of 97.7 and the previous value of 100.9 points. The current value has become the lowest in the last three months. Such data indicate that the stability of the labor market and the general state of the economy are still far from ideal.
From such data, it can also be concluded that retail sales in December-January will be weaker than forecasts (simply due to less optimism of buyers).
An additional influence on the dynamics of the pair is provided by the news about the readiness of the administration of US President Donald Trump to begin the process of transferring power to Joe Biden.
Today you should pay attention to the block of statistics from the US: GDP for the III quarter, the volume of orders for durable goods in October, the balance of foreign trade in goods for October and the number of initial claims for unemployment benefits in October.
