After a short pause, EURUSD is back to falling. The major currency pair continues falling after taking a short break. The current quote for the instrument is 1.1597. There is no special cause to “bury” the Euro right from early morning. Probably, the current local decline is an attempt of bears to test the waters on global financial markets. Market players remain quite reserved in anticipation of the US labour market statistics later this week. These reports may offer some hints at what investors might expect from the US Fed in the nearest future. While China is celebrating holidays, market layers switched their attention to the statistics.
The data published yesterday was rather mixed. For example, the Sentix Investor Confidence in the Euro Area dropped to 16.9 points in October after being 19.6 points the month before. on the other hand, the Factory Orders in the USA added 1.2% m/m in August after expanding by 0.7% m/m in September.
The “greenback” paid no attention to the statistics because the latter indicator was improving despite some slowdown in the economic recovery. In general, numbers for the third quarter aren’t going to be very good: a shortage of manpower and raw materials will surely have a negative influence. Later today, the Euro Area is scheduled to report on the Services PMI for September and the PPI for August. The USA, in its turn, will also publish the data on the Services PMI, both from ISM and Markit, for September.
