Home Trending Stocks Euro Zone Macroeconomic Indicators Backed The Euro Against the Dollar

Euro Zone Macroeconomic Indicators Backed The Euro Against the Dollar

On Tuesday, November 3, the European currency strengthened against the US dollar by 0.13%, trading at 1.16540. Yesterday, the EUR/USD exchange showed a close to zero change, closing at 1.16438.

December DXY dollar index futures are down 0.16% on Tuesday, at 93.990, after gaining 0.02% a day earlier.


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The Euro was supported by quite good statistics on the EU. For example, in Germany and the Eurozone, the final data on the indices of business activity in the manufacturing sector for October were released yesterday. In Germany, the indicator came out at 58.2 points compared to 56.4 points a month earlier, which was 0.2 points higher than the preliminary estimate. At the same time, this PMI index reached its highest value since December 2017. In the Euro area, the indicator increased by 1.1points, to 54.8 points, which was the highest value since July 2018. Thus, the manufacturing sector in the EU was less affected by the coronavirus pandemic compared to the services sector and continues to show a strong recovery.

However, in the US, the index of business activity in the manufacturing sector showed a more modest increase in October with 0.2 points, to 53.4 points, while the preliminary estimate was 53.3 points. Also yesterday, the States released data on indexes for new orders in the manufacturing sector. At the end of October, this indicator increased by 7.7points, to 67.9 points, reaching the maximum value since September 2018. However, data on construction spending in the US came out worse than the consensus forecast: the indicator increased in September by 0.3% m/mcompared to an increase of 0.8% m/m a month earlier, while analysts expected growth of 1.0% m/m. Nevertheless, the overall trend in macro indicators in the United States remains positive, which helped to return optimism to global financial markets.

Today, the focus of investors ‘ attention will be on the US presidential election, and tomorrow, after the announcement of the voting results, we can expect a significant increase in volatility. In addition, data on the volume of industrial orders and orders for September will be published in the States on Tuesday.

The EUR/USD chart is consolidating near the 1.16500 level. Stochastic lines are in the oversold zone in a favorable position for purchases, which speaks in favor of growth for the instrument in the short term.

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