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Market Overview
WEEKLY REVIEW: The euro - the worst week ahead?
Two speculations remained in focus this week: speculation that the Fed will start raising its interest rate in December and speculation that the European Central Bank (ECB) will add further stimulus measures next month.
The U.S. initial jobless data showed on Wednesday that the U.S. labour market continued to improve. The U.S. consumer spending rose in October.
This data added to speculation that the Fed will start raising its interest rate in December.
The ECB monetary policy meeting is scheduled to be on December 03. It is likely that the ECB will add further stimulus measures.
The U.S. labour market data is scheduled to be released on December 04. The better-than-expected U.S. data will also put the euro under pressure.
It is likely that the currency pair EURUSD will rise toward the resistance level at $1.0700 or at $1.0763, if the U.S. economic data will negative and the ECB will not add further stimulus measures.
If the U.S. economic data is positive and in case of the ECB adds further stimulus measures, the currency pair EURUSD may test the low of April 14 at 1.0531 or the low of March 13 at $1.0461.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
