The EUR/USD pair maintains its stability despite a deluge of news.
The primary currency pair maintained its balance on Friday. The current exchange rate for EUR/USD is 1.0566.
The currency market has been inundated with statistics and other information.
In its recent meeting, the European Central Bank decided to keep the interest rate at 4.5% per annum. Currently, the regulator does not contemplate relaxing its credit and monetary policy. While it has managed to keep inflation somewhat under control, the future remains uncertain. The ECB is ready to employ all its fiscal tools if needed.
The United States surprised the market with a preliminary Q3 GDP report. The economy surged by 4.9%, surpassing the expected 4.3%. In Q2, the GDP had grown by 2.1%.
In theory, this more than twofold increase is great. However, in practice, it complicates matters, as the Federal Reserve may use this data as a reason to persist with its tight credit and monetary policy. This is beneficial for the dollar but less so for the market.
The volume of durable goods orders in September increased by 4.7% following a minimal 0.2% rise in August. It appears that both consumers and companies anticipate ongoing price increases and have started making more purchases.
On Friday, we can expect more data. Keep an eye on the US personal income/spending release and the Core PCE report, a key inflation component closely monitored by the Fed.
The post The EUR/USD Pair: Holding Steady: Overview for October 27, 2023 appeared first at R Blog – RoboForex.