EUR/USD Hovers Near Three-Month Lows Agaisnt a Firm US Dollar
EUR/USD steadies at the early European session on Monday, trading at 1.1530 at the time of writing, just above a fresh three-month low near 1.1520 hit earlier in the day. The pair remains vulnerable, following a nearly 1% sell-off over the last three trading days, with the US Dollar (USD) buoyed by the US-China trade deal and the Federal Reserve's (Fed) hawkish stance.
FX majors have remained relatively unchanged during the Asian session as the bank holiday in Japan has kept volatility subdued. In Europe, President of the Deutsche Bundesbank and European Central Bank's Monetary Committee member Joachim Nagel affirmed on Monday that economic data is not diverging from the central bank's projections, but that all options remain open for the next meeting.
Investors' mood remains cautious, with all eyes on the final release of the Eurozone Manufacturing Purchasing Managers Index (PMI) for October, due at 09:00 GMT on Monday, and the US ISM Manufacturing PMI, due later in the day. Beyond that, ECB board member Phillip Lane is expected to meet the press during the European session, while, in the American trading session, Fed officials Mary Daly and Lisa Cook might provide further insight into the bank's monetary policy plans.
Source : FXStreet.com
