- EUR/USD heads lower to 1.18
- German IFO Business Climate October deteriorates to 92.7.
- US New Home Sales, Chicago Fed index in focus.
EUR/USD heads southwards towards 1.1800 support from the beginning of the week.
EUR/USD weakens following IFO data
EUR/USD trends lower on Monday and heads towards 1.1800 investors prefer safe havens.
Diminishing chances of US stimulus prior to the November elections, together with rising covid concerns over the global economic recovery continue to remain supportive to safe haven demand, capping any potential upside.
The German Business Climate data also dragged on the common currency at the start of the week. The index declined to 92.7 in October from September’s multi-month peak above 93.0.
On the US economic calendar, October’s New Home Sales are due later, as well as the Chicago Fed index.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.
