Community Forecasts for November 10-14: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/USD currency pair was rather volatile during the November 3-7 trading week, even though it managed to open and close the week at almost the same levels. The pair was noticeably influenced by the news from both continents, including those on manufacturing, trade, labor market and central banks. At the same time, data was mixed both in Europe and US, which, at the end, forced the pair to show almost no significant change in a weekly value. US manufacturing sector and labor market continued to improve, showing further sings of stable and solid recovery of the world's biggest economy. Manufacturing PMI in the country went up to 59 points, while positive non-farm employment change was more pronounced than expected and unemployment rate fell to 5.8% in October. Optimistic forecasts for US economy are raising additional discussions about time the Federal Reserve will increase interest rates. From the EU side, the European Central Bank forced the single currency to lose more than 120 pips on Thursday, but the pair recovered on Friday, when it was announced that French industrial production was unchanged despite negative estimates. With beginning the week at 1.25 major level, the pair finished it 43 pips lower at 1.2457.
Comparing to the previous week, the pair's sentiment deteriorated, as now 40% of all votes are bullish on the cross. The average expectation for November 14 stays around the closing level of last Friday just above the 1.2450 level. Among important influencing factors for the EUR/USD pair this week, the Eurostat will release its flash estimate of currency bloc's GDP for Q3 on Friday, as it is predicted to add 0.1%. Moreover, US core retail sales are projected to rebound, while consumer sentiment is likely to remain strong and unemployment claims to stay at their lowest levels since 2008.

© Dukascopy Bank SA
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