The second week of November has been a week of ups and downs for currencies across the board. The USD has been performing relatively well while the Euro has had one of its worst weeks since august. Forex broker comparison service FXBrokerFeed brings you news, and trends in the FX Broker Market, featuring a EUR/USD bearish trend and the Sino-U.S. trade relations looking up.
A Bearish EUR/USD
FXBrokerFeed reports that the Euro is going through one of its worst weeks in the recent past as the EUR/USD currency pair breaches past some of its simple daily moving averages. The currency pair has been on a bearish trend all week, and it doesn’t look like the coming week will be any better. The Euro’s downward trend has been blamed on the ongoing uncertainty about the crucial Brexit deal as politicians in the United Kingdom fail to come to an agreement.
Good Times Ahead for the USD
The U.S. is having a great time as the Euro falters, according to reports by FXBrokerFeed. It has been bullish for most of the week, and the coming week is expected to be even better. The USD is rallying amidst reports that the Sino-U.S. trade war is easing. Both sides of the aisle recently announced that representatives will come up with a new deal in the near future. Already, President Trump has announced that he will be dropping tariffs on over $200 billion worth of trade, and China has promised to reciprocate by dropping tariffs on billions of dollars worth of trades too.
The USD is also riding on a great economy, strong labor market, and record-low unemployment rates, according to analysis by FXBrokerFeed. Fed’s President recently announced that interest rates will be very low for the foreseeable future, and that this will make the USD’s growth modest going forward.
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