EURUSD rises before the European Central Bank meeting

Last Updated on October 27, 2021

EURUSD rose on Wednesday morning in the European market and recorded its first daily gain rising from its lowest level in a week. The markets are awaiting the results of the European Central Bank meeting, and most expectations indicate that the bank will reduce its monetary policy.

EURUSD is bouncing off the support level

EURUSD

The EURUSD pair traded at the level of $1.1613, adding about 0.2% from the opening level of today’s session $1.1594, and at the end of yesterday’s trading, the single currency lost about 0.1% against the green currency, recording the second consecutive daily decline, and also recorded its lowest level in a week at 1.1585 dollars, with the recovery of the US dollar against most of the major currencies.

The European Central Bank is scheduled to meet tomorrow, Thursday, in order to take the appropriate decision on the appropriate monetary policy for the current economic situation in the eurozone. shrink it down.

The US dollar is falling from its highest level in a week

The US dollar fell against a basket of major currencies on Wednesday morning, abandoning its highest level in a week, amid slowing purchases of the US currency as the best investment, and the US economy is expected to release important data later in the day on durable goods orders during the month of September.

The dollar index traded at 93.82 points, losing about 0.15% from the opening level of today’s session at 93.96 points. The index closed yesterday’s trading, achieving a rise of 0.15% for the second day in a row, and also recorded its highest level in a week at 94.02 points, driven by optimistic economic data.

Yesterday, the US economy released data on consumer confidence during the month of October, and the data showed that the index rose to a level of 113.8 points, exceeding expectations that indicated a rise to 108.4 points, and an increase from the previous reading for September, which recorded 109.8 points.

It is expected that the US economy will announce later today important data on durable goods orders for the month of September, which is an important indicator to measure the levels of investment spending in the United States, and expectations indicate a decrease by 1.1% from a rise by 1.8% during August.

Professional Trader and Analyst, economist in Financial and Forex marketsince 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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