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EURUSD Should Be Active with US and Euro Growth Ahead

The EURUSD exchange rate has US and European economic growth data on Wednesday and should have volatility for traders.

EURUSD - Daily Chart

EURUSD – Daily Chart

The EURUSD has slumped since September and now trades at the 1.07935 level. This could provide a bounce in the price with further support below the 1.0700 level.

The euro has slumped from the highs of August and September with a sharp drop below the 1.0800 level. Tuesday starts the economic data with a speech from ECB policymaker Luis De Guindos at around 4 am HKT. That is followed by German consumer confidence at 3 pm HKT.

Europe has growth data ahead on Wednesday at 6 pm HKT, and Q3 preliminary levels are expected to improve to 0.8% annually.

Later that evening, ADP employment data from the United States and US GDP growth data. Data is expected to remain at 3% for the month, and any divergence from that level will drive the EUR vs. USD pair.

Friday, German retail sales will be at 3 pm HKT, and the country is looking for a bounce above last month’s 1.5% level. Another 6 pm release that day will bring consumer prices, which are expected to be at 2.7% for the month.

The US election and the Middle East will play a part in the dollar’s path. Israel’s strikes against Iran were targeted, but they could see further issues in the weeks ahead. Markets were also pricing in a Donald Trump victory, and the dollar volatility could be seen if that scenario changes.

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