EUR/USD rises toward 1.0900, upside seems limited ahead of US presidential election
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EUR/USD appreciates as the US Dollar receives downward pressure following the release of weaker Nonfarm Payrolls on Friday. The US Dollar may receive support from safe-haven flows amid uncertainty surrounding the US presidential election. The Euro found support as recent economic data in the Eurozone has prompted traders to reassess the ECB’s policy outlook. EUR/USD retraces its recent losses from the previous session, trading around 1.0880 during Asian hours on Monday. The pair’s upside can be attributed to a softer US Dollar (USD) after the release of weaker-than-expected US October Nonfarm Payrolls (NFP) data. However, uncertainty surrounding the US presidential election could drive safe-haven flows, potentially limiting the upside of the EUR/USD pair. On Friday, data from the US Bureau of Labor Statistics (BLS) indicated that October’s NFP increased by only 12,000, following a revised September gain of 223,000 (down from 254,000), which fell well short of market expectations of 113,000. Meanwhile, the Unemployment Rate remained steady at 4.1% in October, matching the consensus forecast. According to the final New York Times/Siena College poll, cited by Reuters, Democratic candidate Kamala Harris and Republican nominee Donald Trump are locked in a close contest across seven battleground states just two days before the US presidential election. The poll shows Vice President Kamala Harris with slight leads in Nevada, North Carolina, and Wisconsin, while former President Donald Trump holds a narrow advantage in Arizona. The two are in tight races in Michigan, Georgia, and Pennsylvania. The poll, conducted from October 24 to November 2, indicates that all matchups in these states fall within the 3.5% margin of error. The Euro found support from stronger-than-expected economic growth in the third quarter and higher-than-anticipated inflation in the Eurozone, prompting traders to reassess expectations for a larger-than-usual rate cut by the European Central Bank (ECB) in…
Filed under: News - @ November 4, 2024 1:13 am