The “greenback” is overwhelming. Overview for 23.11.2021

23.11.2021

EURUSD is staying near its local lows; market players like the USD. 

The major currency pair remains under global pressure. The current quote for the instrument is 1.1267.

There were few macroeconomic statistics recently, but investors are still pulling for what is happening in the news. 

On one hand, the “greenback” is “sitting pretty” after the US agreed on its global infrastructure plan: the country’s economy will get more money. On the other hand, market players are still waiting for the next US Fed Chairman to be assigned or the current one to be extended. If Jerome Powell, who is in favour of the soft monetary policy and careful fiscal moves, keeps his position, the USD has nothing to fear. In this case, the monetary policy will tighten slowly but steadily. However, if the position is taken by Lael Brainard, a fan of a tough monetary approach, the path to the interest rate hike will be much shorter. anyhow, both ways are good for the USD. 

Today, investors are waiting for European statistics. The Euro Area is scheduled to publish the preliminary report on the Manufacturing PMI, which is expected to drop in November. This might be another signal in favour of negative sentiments in the Euro. 

Later in the evening, the US will report on the Markit Manufacturing and Services PMIs for November and both indicators are expected to grow. 

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.