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EUR/USD Extends Rebound, Still Heads for Weekly Loss

November 13, 2020 by

EUR/USD extended yesterday’s gain today as currencies were reversing their movement from the first half of the week as the initial optimism surrounding the coronavirus vaccine was waning. The currency pair was still heading for a weekly loss, though. Friday’s macroeconomic reports released in the United States were mixed.

US PPI rose by 0.3% in October, seasonally adjusted. That is compared with a 0.2% increase predicted by analysts and a 0.4% gain logged in September. (Event A on the chart.)

Michigan Sentiment Index dropped to 77.0 in November from 81.8 in October according to the preliminary estimate. That was a surprise to analysts who were expecting a mild increase to 82.1. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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