Furthermore, the EUR/USD currency pair’s decline was fed by the weak inflation data from the euro area. Thus, preventing the bloc’s economic restoration.
The EUR/USD currency pair last Friday dropped from a starting high of 1.1744 in the Australian market to a low of 1.1696 soon after that before rallying higher and suddenly falling again.
Last Friday, President Trump’s COVID-19 diagnosis influenced the currency pair’s performance, which moved investors dousing their risk appetite. The markets’ answer to the news shows that most investors believed him to take the November 3 US Presidential Election.
The preceding eurozone Consumer Price Index release did not hold the single currency
Eurostat announced that the eurozone’s inflation decreased 0.3% in September against consensus estimates of a 0.2% slip. The discovery that the European Commission President Ursula von der Leyen plans to meet Boris Johnson on Saturday had an insignificant impact on the pair.
The release of the disappointing US non-farm payrolls report for September by the Bureau of Labor Statistics launched the pair lower, notwithstanding missing analysts’ expectations. The upbeat University of Michigan US consumer sentiment survey had a soothing impact on the pair.
The currency pair’s presence over the weekend was affected by US dollar dynamics and Saturday’s meeting.
The EUR/USD currency pair was trading at 1.1709 as at 15:44 GMT, having declined from a high of 1.1744. The EUR/JPY currency pair was trading at 123.39, having slumped from a high of 123.99.