The EUR/USD exchange rate is on the rise due to a surge in risk appetite.
The primary currency pair is climbing this Friday, with the current EUR/USD exchange rate at 1.0628.
In the wake of the US Federal Reserve meeting and the release of all available information, investors’ confidence in the dollar has waned. The market’s focus has now shifted towards riskier assets. In this context, the euro and other currencies are performing strongly.
Final PMI data from the manufacturing sectors of Germany and the eurozone have outperformed expectations. Germany’s indicator has risen to 40.8 points, surpassing the previous value of 40.7. For the eurozone, the index increased to 43.1 points, exceeding the anticipated 43.0 points.
These statistics are moderately positive, indicating a gradual improvement in market sentiment. However, complete optimism remains on the horizon.
In September, US factory orders saw a 2.8% month-on-month increase, surpassing the expected 2.2% and the previous figure of 1.0%. This bodes well, suggesting that the industry is adapting to changing conditions.
Today is a significant day as the US is set to release a block of employment market data. Projections are as follows: an unchanged unemployment rate of 3.8% for October, with average hourly earnings increasing by 0.3% month-on-month. Nonfarm payrolls are expected to expand by 178k, following a gain of 336k in September.
Expect afternoon stock market volatility to rise.
The post The Euro Gains Strength: Overview for November 3, 2023 appeared first at R Blog – RoboForex.