EUR/USD hovers around 1.1600 ahead of ECB, US GDP
- EUR/USD consolidates near 1.1600 ahead of the ECB verdict.
- US Treasury yields rebound despite the lower global stocks.
- ECB policy meeting, US GDP and Initial Jobless Claims hold the key this Thursday.
EUR/USD trades cautiously on Thursday in the Asian trading hour. The pair recovered from the recent lows around the 1.1580 zone. At the time of writing, EUR/USD is trading at 1.1608, up 0.03% for the day.
The shared currency gained some traction following Germany's GFK Consumer Confidence, which improved from 0.4 to 0.9 in October, beating market expectations. Also, the EU reported September Money Supply, which increased by 7.4%, below the market consensus.
Traders are now bracing for the European Central Bank (ECB) monetary policy decision. The ECB is widely expected to maintain its dovish stance but policymakers may pave the way for a tighter monetary policy.
The greenback remains steady at around 93.80, underpinned by the rebound in the US T-bonds yields. The US Durable Goods Orders fell 0.4% in September, better than the -1.1% expected. The preliminary estimate of the September Goods Trade Balance posted a deficit of $96.3 billion, larger than the previous $-89.4 billion.
As for now, traders are waiting for the Eurozone Consumer Confidence, ECB Interest Rate Decision, US Gross Domestic Product (GDP), and Initial Jobless Claims to take fresh trading impetus.
EUR/USD technical levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
