The euro was in free fall Thursday morning, as the US dollar gained ground on a basket of world currencies. Get more details from the 7 December EURUSD Fundamental Analysis.
7 December, OctaFX – Economic data will very much remain the focus on Thursday, as investors await the all-important US nonfarm payrolls report in the final session of the week. Still, the Thursday session features several noteworthy releases from both sides of the Atlantic.
Shifting gears to Germany, the government is scheduled to report on industrial production at 07:00 GMT. Output in Europe’s largest economy is expected to rise 1.1% in October, which translates into year-over-year growth of 4.3%.
Later in the morning, France will issue its latest trade figures for the month of October. Paris’ deficit is expected to narrow slightly to €4.6 billion from €4.669 billion the month before.
At 10:00 GMT, the European Commission’s statistics agency will report revised GDP numbers for the third quarter. Gross domestic product (GDP) is forecast to expand 0.6% quarter-on-quarter, unchanged from the previous estimate. That should translate into an annualized growth rate of 0.6%.
7 December EURUSD Fundamental Analysis
The euro was in free fall Thursday morning, as the US dollar gained ground on a basket of world currencies. The EUR/USD exchange rate briefly fell below 1.1800 Thursday before recovering those levels later in the session. The pair was last down 0.8% at 1.1805. The EUR/USD is barely hanging on to support near 1.1800, and further downside could expose the 55-day SMA near 1.1712.
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