The EUR/USD pair surges above the mid-1.0600s during the early Asian trading hours on Tuesday. The uptick of the major pair to the highest level in on
EUR/USD gains momentum to 1.0670, the highest in one month due to the weaker USD. The preliminary Eurozone Consumer Confidence for October came in at -17.9 vs. -17.8 prior, better than expected. The Chicago Fed National Activity Index suggests the US economy is still some distance from a recession. Market players await the Eurozone October PMI, and US S&P Global PMI on Tuesday. e month is bolstered by the correction of the US Dollar. At press time, EUR/USD is losing 0.
The Federal Open Market Committee enters its blackout period. Atlanta Federal Reserve President Raphael Bostic said on Friday that he doesn't think that the US central bank will cut the rate before the middle of next year. Fed Philadelphia President Patrick Harker reiterated his preference to keep interest rates unchanged. While Fed Cleveland President Loretta Mester said the US central bank is at or near the peak of the rate hike cycle.
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