The major currency pair reached three months lows, but later managed to find support and reach stability.
On Thursday morning, EURUSD stopped falling and right now is trying to reach stability. The current quote for the instrument is 1.1338.
The USD got stronger on Wednesday afternoon, after the American bonds profitability increased and the USA published some statistics. The ADP Non-Farm Employment Change was 227K in October after being 218K the month before and against the expected reading of 188K. The number is good, but one should remember that there is no direct correlation between the ADP and the NFP reports.
It should be noted that the Employment Cost Index added 0.8% q/q in the third quarter, which is better than both the expected and previous readings. This is another good signal for the American economy.
At the same time, the Euro remained under pressure due to disappointing reports on the Euro Area GDP in the third quarter.
There will be plenty of statistics today, but investors are very unlikely to waste their strengths before Friday, when the USA is scheduled to report on the country’s labor market in October. In the evening, one should pay attention to the weekly Unemployment Claims report and the Unit Labor Costs in the third quarter. Apart from this, we will see the Manufacturing PMI and the Manufacturing Prices from the ISM.
