EUR/USD picks up from three-month lows as risk sentiment improves
EUR/USD posts moderate gains for the second consecutive day on Thursday, trading at 1.1505 at the time of writing, up from the three-month lows at 1.1468 hit earlier this week. Equity markets bounced up as concerns about the US tech sector eased, and better-than-expected European corporate earnings have eased fears about the region's economic outlook.
The Euro's recovery, however, remains limited as the US Dollar remains firm after the publication of strong US macroeconomic data. ADP figures for October beat expectations, and the services sector's activity accelerated at a faster pace than expected, with new orders showing a significant increase. These figures cast further doubts on a Federal Reserve (Fed) interest-rate cut in December and are likely to limit the US Dollar's downside attempts.
On Thursday's economic calendar, some European Central Bank speakers are scheduled to speak, but the highlight will be the Eurozone Retail Sales release. In the US calendar, a slew of Fed speakers will be observed with interest after the positive surprise from the ADP Employment Report.
Source : Fxstreet.com
