Daily economic digest from Forex.ee
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Tuesday, October 31st
The EUR/USD pair lost its yesterday’s recovery trend and now is trying to consolidate its positions in the region of 1.1640, as investors remain in anticipation of flash EU CPI and GDP figures. However, mildly bearish dynamics of the US dollar continues to dominate the market, as speculations regarding who will be the next Fed Chair are still at full steam. Adding to this, reduced demand for risky assets, especially in light of downbeat Chinese data, upcoming Fed meeting and crucial data from the US labor market, also supports the euro somewhat on Tuesday. Besides the data from the Eurozone, today investors will also pay attention to the CB consumer confidence report, which will bring additional trading opportunities to investors during the NA session.
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