The single currency was trading 0.5% higher during the US session and the euro erased more than half of Monday's losses as the EURUSD pair was hovering 20 pips below the 1.13 handle.
Stocks fell globally on Monday as investors priced in new political risks from Italy. The euro was dragged lower by the standoff between Rome and Brussels over Italy's budget proposals, which worsened the global sentiment and stock indices fell sharply.
The US dollar slipped on Friday and failed to appreciate after strong inflation PPI inflation and the dollar index was trading only marginally higher on the day, well down from its daily highs reached earlier in the day.
The New Zealand Dollar soared on Tuesday and was trading more than 0.70 per cent stronger on Wednesday as well, with the pair reaching fresh three-month highs near 0.6780.
The New Zealand dollar was trading near six week highs on Tuesday and the NZDUSD pair was 0.25% stronger during the US session, hovering near 0.6680.
Investors are eagerly waiting for tonight's New Zealand labor market data for the third quarter. The employment change is forecast to stay at 0.5%, while the unemployment rate should also stay unchanged at 4.5%. Moreover, the market expects the participation rate to remain at 70.9%.
Sentiment was mildly positive on Monday and US indices opened in a positive territory as the Midterm elections are ongoing in the US. Volatility has been minimal so far on the day, but stocks managed to erase all the daily losses and turned higher, despite China's stocks falling again.
Later in the day, the important non-manufacturing ISM for October will be released and is forecast to slow to 59.5 from 61.6 previously. This would still be a much faster sector growth than in the rest of the world.
The US dollar was trading lower against most of the major peers during the US session on Friday and the dollar index was down 0.1%, hovering near 96.25.
Earlier in the session, the US Department of Labor announced that the US economy created 250,000 new jobs in October, way above the expected 190,000 and more than double the 118,000 in September. The unemployment rate remained unchanged and stayed at 3.7%.
It has been a rough couple of days for equity investors, assharply over this period. We can safely assume that the main catalyst for these turn of events was the rocketing US yields, along with fears of a global economic slowdown.
The EURUSD pair
surged on Thursday after a combination of a somewhat hawkish ECB decision along
with a weakening of US CPI. The pair was seen trading 0.50% stronger during the
US session, hovering slightly below the important 1.17 mark.
|remaining time till the new event being published|
Mise au point du marché
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