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The euro halted its growth because the US dollar re-asserted its strength. Yesterday, the euro/dollar pair was following the upward trajectory.
However, the market sentiment has changed today. After a retracement, the euro/dollar pair is trading sideways at around 1.1420. Nevertheless, the single European currency is still showing resilience to the bearish pressure even despite some headwinds in the eurozone.
The budget crisis in Italy remains a thorny issue. Some experts believe that the EU and Italy is on the verge of a financial war. Italy has to revise its budget draft, complying with the EU rules.
The eurozone’s economy also arouses concern among investors. Germany posted a decline in its trade surplus to 17.6 billion euro in September. Analysts had expected a wider surplus. Exports dropped 0.8% month-on-month and imports slid 0.4% from August.
Besides, the pound sterling also suspended the upward trend. The pound/dollar pair is drifting toward 1.3120. Traders are braced for a new round of the Brexit talks. Today Brexit Secretary Dominic Raab is due to announce the agenda. Interestingly, the pound is still enjoying demand after the news that the European court of justice would hear a case on Brexit in late November, reviewing whether the UK can cancel its decision to leave the EU.
On Friday, investors are anticipating data of the UK GDP. Analysts expect the pound/dollar pair to trade flat. On the contrary, the euro could lose steam.
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