ING economists expect some stabilization in EUR/USD after upbeat jobless claims numbers fueled the dollar’s rebound.
PMIs test positioning
Today’s PMI surveys will be a new opportunity for markets to gauge whether Eurozone growth sentiment has bottomed out.
From a currency perspective, the reaction to the November PMIs will tell us to what extent position squaring effects continue to influence EUR/USD. If a surprise in either direction were followed by an exacerbated move in EUR/USD despite thinner trading on Thanksgiving, then we would conclude that positioning imbalances persist. However, we think some flattening around 1.0900 is more likely.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
