President Trump declared his nominee for Chairman of the Federal Reserve, Jerome Powell November 2, 2017. Would this news have any impact on the Euro? A brief overview from 3 November EURUSD Fundamental Outlook will suffice.
3 November, OctaFX –The Euro continues consolidation and range within a tight band and this increases the likelihood that it could become volatile if and when there is a breakout. The euro was also battered and reduced by about a cent last week based on the announcement by the ECB to reduce its monetary stimulus known as tapering.
The euro as it seems is yet to recoup from that trauma and it has continued to trade weakly. This weak bounce in the euro is a corrective relief measure and this is expected to last only for the short term.The announcement that Powell is the next Fed Chair to replace Yellen seemed to have had little impact on the euro due to the fact that it was already priced in and because it is evident that irrespective of who the next Chair would be, the rate hikes would be driven by the incoming data.
3 November EURUSD Fundamental Outlook
The euro gained some upward traction on Thursday but failed to generate significant support above 1.1670 US. The EUR/USD was last seen trading roughly 10 pips below that level, with investors setting their sights on nonfarm payrolls.
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