Event to pay attention to today:
17:00 EET. USD – JOLTs Job Openings
EURUSD:
The EUR/USD pair is stuck at 1.0500 after the bullish recovery fizzled out. The pair was only able to squeeze out one green weekly candle after hitting multi-year lows around 1.0330.
EuroDollar failed to push back from the 1.0600 mark as the short-term rebound fades.
EUR/USD began another trading week by falling back to familiar short-term lows, failing an attempt to retrace to 1.0600 and pulling back to 1.0500, losing nearly eight-tenths of a percent on Monday. U.S. purchasing managers’ index (PMI) data beat expectations but still came in below the 50.0 decline level, lending support to the safe-haven U.S. dollar.
European economic data remains sparse in the first half of the trading week, although several European Central Bank (ECB) speeches will be on the agenda. Another week of Nonfarm Payrolls (NFP) looms over the markets, with US net job growth data due out on Friday, and plenty of preliminary labor and wage data to come during the week.
ISM’s US manufacturing PMI index rose in November, rising to a five-month high of 48.4 against a previous reading of 46.5, beating the forecast of 47.5. Despite the rise in the business expectations survey, the indicator is still in contraction territory below 50.0, meaning that most business operators still see a decline in overall activity in the coming months.
Trade recommendation: Watching the level of 1.0600, trading mainly with Sell orders
Origin: FreshForex
