The fundamental analysis of today’s EURUSD shows that it remained in the range while the dollar is recovering steadily. The trade deal between the United States and China is causing misery. Hong Kong unrest dent risk appetite. The German ZEW survey is expected to boost the euro before Trump’s speech.
12 November 2019, AtoZMarkets – EURUSD is seen moving back and forth in a range of 15 points around 1.1030 before the European opening. That is after being rejected several times to try to regain the 1.1050 level.
EURUSD Fundamental Analysis – 12 November 2019
The spot is trading modestly flat in the familiar range of 1.10. And the general US dollar recovery limits upside attempts. The resurgence of the demand for a haven in a context of ongoing concerns over the US-China trade deal. And civil unrest in Hong Kong has contributed to the greenback’s recovery overnight.
Moreover, on the side of the euro, the inconclusive result of the Spanish legislative elections, combined with concerns about the economic growth of the eurozone. That continues to weigh on the common currency. However, the decline remains limited due to expectations of an improvement in the German ZEW survey. That should rebound from -22.8 to -13.0 in November. Besides, Politico’s latest report, citing EU officials that US President Trump should delay auto tariff decision for six more months. He also provides some support for the bulls of the euro.
Markets are now eagerly awaiting German macro-economic news. And markets also want some clarity on the trade front between the US and China for a new business momentum. Besides, Trump’s speech later today at 17:00 GMT could also guide future actions in the market. This measure increases the chances of the Conservative Party winning a majority at the polls. And, therefore, to implement the agreement of withdrawal of the EU obtained last month by Prime Minister Boris Johnson. They now have a holiday alliance, even though they did it unilaterally, Farage said at a party meeting. This prevents the holding of a second referendum. And it is for him today the essential thing in his country.
Check AtoZMarkets’ Trading Signals: 12 November Free EUR/USD, XAU/USD, GBP/USD and BTC/USD Trading Signals
President Donald Trump Announcement
The EURUSD pair has changed little at 1.1034. Indicating a person familiar with the decision, Politico reported Monday that US President Donald Trump should postpone for six months the decision whether or not to impose tariffs on EU automobile imports. The Trump administration has until Wednesday to decide whether to impose import duties on cars and auto parts.
Meantime, the US dollar index gained 0.1% to 98.070. Investors continue warily after US President Donald Trump denied his plan to cut tariffs on Chinese products. Hope for a trade deal declined after Trump said the two countries had agreed to end tariffs on their goods under a trade agreement were “incorrect.” US financial markets were partially closed on Monday for Veterans Day.
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