Euro Falters as the USD Looks Up
Published on: 11/11/19 10:30 AM
The second week of November has been a week of ups and downs for currencies across the board. The USD has been performing relatively well while the Euro has had one of its worst weeks since august. Forex broker comparison service FXBrokerFeed brings you news, and trends in the FX Broker Market, featuring a EUR/USD bearish trend and the Sino-U.S. trade relations looking up.
EUR/USD Bearish Trend
The Euro closed the week on a low note in what has been one of its worst weeks since August. It has been facing heavy selling pressure amid the ongoing wrangles about a possible Brexit deal. The markets have been so harsh that the EUR/USD
has been trading below its daily simple moving averages.
The USD, on the other hand, is looking up as the U.S. economy continues to improve. The USD’s rise has been partly inspired by the upcoming trade talks between the U.S. and China. President Donald J. Trump and Chinese officials announced over the course of this week that both sides have come to an understanding about the trade war and hefty tariffs. President Trump is expected to drop tariffs on over $2 billion worth of trades over the coming weeks. China is also expected to lift some of its tariffs. China also recently got some leverage from the WTO that it hopes will make the U.S. come around to ending the trade war.
Modest Growth Expected
The future ahead looks positive for the USD. The labor market is stronger than it has ever been in the recent past, and the unemployment rate currently stands at a mere 3.5%. However, the ongoing gain is expected to slow down over the coming week as the Fed has announced that interest rates are expected to be very low for the near future. Fed President Williams has been quoted as saying that the dollar is expected to see a modest growth for the foreseeable future.
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