The Euro is looking up. Overview for 27.11.2020

27.11.2020

After a short pause, the major currency pair is back to growing.

After slowing down a little bit yesterday, EURUSD resumed its growth. The current quote for the instrument is 1.1922.

There were no important statistics from the USA yesterday due to Thanksgiving Day and no significant reports are expected today as well. 

However, the data published by Germany showed a clear deterioration of indicators. For example, the GfK Consumer Climate dropped from -3.1 points in November to -6.7 points in December, which is much worse than expected (-4.9 points). But it’s no surprise as the consumer sentiment is really going down. The key reasons are the tourism sector slump and restrictions in social activities, such as the closure of restaurants, shopping malls, and multiplexes. Of course, it’s not inspiring and forces the population to save money. As a result, the consumer climate got much worse. 

The components of the report show that the gauge for economic outlook fell from 7.3 points to -0.2 points. It’s the lowest reading since May. 

There will be barely any important numbers today, so the market will continue “drifting along”. In Europe and the USA, starts a sales season called “Black Friday”. 

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.