Forex. Euro/Dollar (EUR/USD) forecast for today
The exchange rate of the single European currency rose against the dollar to the level of 1.1660. Throughout the day, there was a versatile trading dynamics - there was an attempt to test the support of 1.1620.
The dollar showed stability on Wednesday, while an increase in risk appetite around the world led to the growth of other world currencies. The Japanese yen was trading at a four-year low against the US currency. The European stock market is growing, and the yield on 10-year US Treasury bonds has reached its highest in 5 months, and now it is at 1.651% thanks to the optimism of the global economy and corporate reporting.
According to Eurostat data, consumer prices in the Eurozone rose by 3.4% in September compared to the same month a year earlier. Thus, inflation accelerated to the highest level since the beginning of the global financial crisis in September 2008. In August, annual inflation in the eurozone was 3%. The data for September coincided with both the preliminary estimate and the forecast. Compared to the previous month, consumer prices increased by 0.5%.
Consumer prices, excluding volatile factors such as the cost of energy and food, rose by 1.9% year-on-year last month.
Thursday will be active for trading, the US will publish the number of initial and repeated applications for unemployment benefits. The Philadelphia Federal Reserve will release the index of manufacturing activity and the employment index. In Canada, the price index for new housing will be released. The National Association of Realtors of the USA announces sales data on the secondary housing market.