FXTM information and reviews
IronFX information and reviews
Libertex information and reviews
FXCC information and reviews
Markets.com information and reviews
FxPro information and reviews

EUR showed steady decline against USD

6 November 2019


EUR showed a steady decline against USD on Tuesday, updating local lows of October 16. The development of negative dynamics in the instrument was facilitated by the publication of ambiguous macroeconomic statistics, as well as the general growth of the American currency across the entire spectrum of the market. The strongest support for the dollar was provided by data on ISM Services PMI. In October, the indicator rose from 52.6 to 54.7 points, exceeding its forecast of 53.5 points. Today, the pair is trading in both directions, waiting for the appearance of new drivers at the market. Investors are focused on business activity indices in Europe for October. Separately, traders expect publication of the dynamics of Factory Orders in Germany for September.


GBP showed flat dynamics on Tuesday, ending the session with almost zero result. Moderate support for the pound was provided by Markit Services PMI in the UK. In October, the indicator rose from 49.5 to 50.0 points, which was slightly better than the forecasts of 49.7 points. In turn, BRC Retail Sales Monitor data came out worse than expected. In October, retail sales rose by 0.1% YoY after a 1.7% YoY decline in September and a forecast of 0.5% YoY growth.


AUD showed strong growth on Tuesday, updating local highs of October 31. However, the instrument failed to consolidate at new highs, and by the time the US trading session opened, it had lost most of its gains. Australian currency was supported by the results of the RBA meeting and the comments of the head of the regulator. As expected, the Reserve Bank of Australia kept its key interest rate at 0.75%. At the same time, investors hope that in the near future the regulator will not change the parameters of monetary policy significantly. RBA head Philip Lowe supported such sentiments, noting that the period of low interest rates will be quite long. Correction of the instrument was facilitated by the publication of ISM Services PMI with the opening of the American trading session. In October, the index showed growth from 52.6 to 54.7 points, which turned out to be better than market expectations of 53.5 points.


USD strengthened against JPY on Tuesday, rising to local highs of October 30. The growth of the US currency was due to the publication of a number of positive macroeconomic indicators from the United States, as well as a decrease in market demand for safe-haven currencies, as investors are still optimistic about the process of trade negotiations between the US and China. Today, the pair is trading in both directions, despite the publication of weak macroeconomic statistics from Japan. Jibun Bank Services PMI in October showed a decrease from 52.8 to 49.7 points against the forecast of 50.3 points.


Oil prices showed moderate growth on Tuesday, receiving support from increased optimism regarding a preliminary trade agreement between the US and China. In addition, since China continues to insist on the abolition of the planned increase in import duties on December 15 as well as the tariffs introduced in September, investors expect Washington to make concessions in this issue, which will significantly reduce the degree of trade tension in the market. OPEC's updated forecasts for production volumes over the next few years also provided moderate support for quotes on Tuesday: by 2024, oil production should be reduced to 32.8M barrels per day. In addition, API Weekly Crude Oil Stock report for the week ending November 1 reflected sharp growth in stocks by 4.26M barrels after a decline of 0.708M barrels for the previous period. Today, investors are awaiting the publication of an official report on oil reserves from the US Department of Energy.


US Markets lost major support, Asian Indices are melting
US Markets lost major support, Asian Indices are melting

Global markets closed last week on the back foot, and no significant positive factors emerged in Asian trading, increasing the flight to safety. The Hang Seng lost...

20 Sep 2021

US Retail sales and other data has supported Dollar
US Retail sales and other data has supported Dollar

The US Retail sales notably exceeded expectations, adding 0.7% in August vs an expected 0.7% decline. The increase to August last year is an impressive 14.9%...

17 Sep 2021

Geopolitics Fire Up Up and Cryptos Are Booming
Geopolitics Fire Up Up and Cryptos Are Booming

Futures in the United States and Europe are trading lower today as investors are worried about the new security agreement between the U.S., the U.K. and Australia...

16 Sep 2021

UK inflation surges, stocks struggle
UK inflation surges, stocks struggle

European markets flat at the open this morning as UK inflation surged to a record high in August and Chinese economic data was soft. China’s retail sales fell to...

15 Sep 2021

Gold is anxiously waiting for the US inflation data
Gold is anxiously waiting for the US inflation data

Gold, hovering around $1790 since last Thursday, might take an even harder hit. The bears are waiting for a good signal to launch an attack. It is now holding it below significant levels...

14 Sep 2021

Here Is Why Stock Futures Are Trading Lower
Here Is Why Stock Futures Are Trading Lower

Despite a week of doom and gloom in the stock markets, futures in the United States are still trading lower. Since February, the S&P 500 has been on its longest...

13 Sep 2021

Editors' Picks

OctaFX information and reviews
HotForex information and reviews
XM information and reviews
FXCM information and reviews
Vantage FX information and reviews
Vantage FX
Moneta Markets information and reviews
Moneta Markets

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.