Forex Analytics from LiteForex of 01.11.10: Euro is growing at the beginning of the week

The pair EUR/USD is traded upward at the Forex currency market on Monday in advance of the U.S. Federal reserve meeting scheduled for the end of this week; it is anticipated that the decision to increase economy priming will be taken there.

By 9.55 Moscow time the Euro is at 1.3986 against the closing level session of 1.3917 on Friday.

Thus, long-awaited meeting of the U.S. Federal Reserve will be held on 2-3 November; market participants expect it to take new measures to stimulate U.S. economy. Furthermore the expectations of the U.S. industrial production statistics for October also put pressure on the USD.

Data on business activity index in the U.S. manufacturing sector ISM Manufacturing will be released tonight; according to the economists it reduced to 54 points in October against the value of 544 points in September. If the data agrees with the forecast   the Euro will receive support.

Most likely the pair EUR/USD will be in the range of 1.3900-1.4050 on Monday trading session.

 

 

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