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The demand in the greenback is increasing


29 November 2021 Written by Dmitriy Gurkovskiy  Senior analyst at RoboForex Dmitriy Gurkovskiy

After making a short pause on Friday, EURUSD is falling again. The major currency pair is under pressure again after a short break. The current quote for the instrument is 1.1291. Last Friday, capital markets were under severe stress when they learned about the new coronavirus strain from South Africa, which made a lot of countries seal their borders from visitors from South African countries and revise their stance on the current epidemiological situation. All this resulted in huge risk aversion and a lot of short positions in EURUSD. 

The “greenback” is looking quite confident due to the demand for “safe haven” assets. At the moment, there is no need to worry that the new strain has already made its way into the US. According to the report, it might take up to two weeks to study the new strain but it’s already clear right now that it’s very aggressive. 

As for today, investors should pay attention to the speeches to be delivered by heads of the ECB and the USD Fed. Later this week, as it always happens early in the month, the US will report on its labour market, this time for November. The data is promising to be very interesting because the weekly report on the Unemployment Claims was really good. Strong numbers will provide the “greenback” with significant support.

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