EURUSD is in suspense again. Overview for 24.11.2020

EURUSD dropped yesterday but managed to reach stability today; at the moment, the pair is monitoring the external background.

The major currency pair lost its positive momentum last night and is currently trying to restore it. The current quote for the instrument is 1.1855.

The statistics published by the USA yesterday turned out to be better than expected and, as a result, somehow alleviated market concerns about the economic slowdown. For example, the preliminary report on the Manufacturing PMI from Markit showed 56.7 points in November after being 53.4 points the month before. The same indicator for the service industry improved up to 57.7 points after being 56.9 points in October.

As for the Euro Area, the PMI data was rather sad. The Manufacturing PMI dropped to 53.6 points in November after being 54.8 points in the previous months. The Services PMI went from 46.9 points in October to 41.3 points this month. 

However, the optimism on the market is somehow supported by the good news about the creation of vaccines against the Covid-19 – the was some information about the third one. This news prevents the USD from strengthening and maintains an interest in the European currency despite weak macroeconomic reports. 

Today, one should pay attention to the Consumer Confidence from the Conference Board in the USA for November, which is expected to get worse.