EURUSD RESILIENT ABOVE 1.182 HANDLE, FOCUS ON U.S CONSUMER CONFIDENCE DATA

[Laraforex]

EURUSD is trading near the 1.182 neighborhood in the early Asian hours on Tuesday amid broad-based weakness in the greenback despite the risk-off tone prevailing in the equity markets. The overall market sentiments continue to remain subdued amid concerns of slow economic recovery induced by the coronavirus pandemic.

As of this moment, the currency pair is trading at 1.1828 level, up by 0.17%.

Coming on to the previous session, EURUSD dipped to the intra-day low of 1.1803 level as the second wave of coronavirus intensified across Europe. Considering the surge in infections, Spain and Italy implemented partial lockdowns to contain the spread of the virus that shatters the prospect of quick economic recovery. Besides, the lack of progress on the US fiscal stimulus package after Larry Kudlow stated that talks have stalled added to the dismal mood.

On the macroeconomic front, Germany’s IFO Business Climate data for October contracted to 92.7, missing the market expectation of 93.2, thus further weighing on the single currency. Consequently, the currency pair concluded the session at 1.1808 level, down by 0.41%.

Today’s economic docket highlights the Spanish Unemployment Rate data, US Durable Goods Orders report, and CB Consumer Confidence data that could significantly impact the pair’s performance

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