A steady stream of economic data will make headlines on Monday, kicking off a highly active week in the market. How will these affect EURUSD movements? Let's find out with this 2 October EURUSD fundamental analysis from OctaFX.
2 October, OctaFX - Economic figures from both sides of the Atlantic are expected at the start of the week, which should give traders plenty of opportunity to enter the market.
The European data wire begins at 07:15 with manufacturing PMI data for Spain. Over the next two hours, IHS Markit will release final PMI figures for Germany, the United Kingdom, France, Italy and the broader Eurozone.
Meanwhile, the European Commission’s statistical agency will release August unemployment numbers. The jobless rate is forecast to slide to 9% in August from 9.1% the previous month.
EURUSD fundamental analysis
The euro resumed its descent on Monday, as the dollar regained its momentum. The EUR/USD exchange rate was trading near session lows near 1.1780, having declined 35 pips from the prior close. The pair managed to correct around half of its weekly losses on Friday.
However, the near-term outlook remains tilted to the downside as the common currency awaits fresh trading catalysts in the form of economic data and monetary policy.
This article about 2 October EURUSD fundamental analysis should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
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