The EUR/USD pair hovers around the 1.0750 mark as optimism undermines demand for the US Dollar.
EUR/USD Current Price: 1.0750 Financial markets started the week with optimism, pricing in the end of monetary tightening. S&P Global confirmed EU economic activity remained in contraction territory in October. EUR/USD is biased north, with bulls looking to test sellers’ determination around 1.0800. Following central banks’ announcements and United States employment-related data released last week, speculative interest is convinced the monetary tightening cycle is complete.
German figures were upwardly revised but held within contraction territory. Finally, the EU unveiled November Sentix Investor Confidence, resulting at -18.6 from -21.9 in October. The US will not publish relevant data. Generally, it will be a lighter week, with the focus shifting to the next one when the country will publish the October Consumer Price Index . EUR/USD short-term technical outlook The daily chart for the EUR/USD pair maintains the risk skewed to the upside.
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