- Risk-off Friday drags EUR/USD.
- Market risk-mood improves along with positive news on Trump’s health.
EUR/USD traded weak on Friday, but well within the familiar-range in recent days. The news about Trump testing positive for coronavirus took the market by surprise and drove down equities and pro-risk currencies against the US dollar.
Euro, in particular, got further hit by the weaker-than-expected headline CPI at -0.3 Percent YoY against a market expectation of 0.1 Percent increase. The core CPI was expected to rise by 0.2 Percent.
In the US front, the unemployment numbers came at better than expected 8.2 Percent to clock a fall to 7.9 Percent in September from 8.4 Percent earlier. The unemployment numbers helped to ward off the disappointment from the monthly non-farm payroll numbers, which showed an addition of 661K during the reported period. EUR/USD fell below 1.1700 for some time but did well to close the last trading of the week with a small loss. The pair ended the week with modest gains after pulling back strongly from1.1870 during the previous week.
Today, the EUR/USD was helped by the positive news regarding Trump’s health. Traders now await final Eurozone Services PMI for fresh clues and will also keep an eye on the ISM Non-Manufacturing PMI during the US session. The economic numbers, along with risk sentiment, will drive the market action today.
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