EUR/USD (current price: 1.1038)
The Euro got weaker yesterday before today’s U.S. presidential election. Investors now think that Hillary Clinton is more likely to be elected, and that caused a strong Dollar rally on Monday. German Factory Orders came in at -0.6%, well below the expected -0.2%. The number points to a possible slowdown in the industrial sector of the country. The Eurozone Retail PMI was in line with expectations at 48.6, while the Investor Confidence Index and Retail Sales beat expectations in October.
Our assessment: The pair continues to trade in a neutral long-term trend. Today’s election might cause elevated volatility in late trading.
