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Euro despite its recent gains against Dollar, after relatively hawkish US Federal Reserve in October s in clear struggle to hold its head high.
- In spite of stronger commentary from FED in relation to December meeting, weaker than expected economic dockets (GDP for third quarter 1.5%, compared to 1.6% expected and 3.9% prior) posing doubts over the possibility of a rate hike in December. Weaker inflation expectations (survey based), also throwing its weight against Dollar, pushing EUR/USD pair higher.
- However, weaker USD is surely to be not enough to provide support for the pair as market is expecting European Central Bank (ECB) to come out with bigger bazooka in December and ECB is going to hold its policy meeting well ahead of FED's.
Trade idea -
- As ECB is not likely to under surprise the market, Euro is likely to approach parity against Dollar, heading into ECB meeting in December and after. However any rally based on weaker economic dockets from US such as NFP should be seen as selling opportunity.
- Moreover key EUR/USD trend line that has given support to the pair since March, remains broken.
Euro is currently trading at 1.103 against Dollar.
