It is the consecutive fourth day now for the rising trades for the EUR/USD. Compared to the other contemporary European currencies the US Dollar is not faring well. The rate of exchange still looks steady with the monthly highs. From the previous week, the higher highs and lows will be extended.
EUR/USD v/s US Dollar
Moderna’s vaccine endeavors seem to be doing good to the EUR/USD. However, the development of the vaccine by different companies is having adverse effects on the rate of the US Dollar. The rise of the number of vaccine tests is having an inverse effect on the dollar, more vaccine test announcements are creating a major amount of FOREX- pressure on the US Dollars. The US Retail Sales report is not looking up for the US Dollars as well.
The fresh data is not looking up for the US Dollar either because even though their household expense rate has seen a surge of 0.3%, it was expected that the surge should have been at least 0.5%. This kind of an increase in the rate of household expenses and other miscellaneous economic activities could have boosted the value of the dollar but that did not work out. Anyway, the Federal Reserve does not seem to be in any kind of hurry to alter the policies of the monetary path.
The FDR officials are saying that the bounce back from the economical crisis created by the COVID-19 pandemic is going to be much easier than the recovery procedure of the crisis that was created due to the global financial crisis previously. Surely, the meeting that will be held in December by the FDR is going to look for a way out of this extremely rough economic patch. The committee members of the meeting are surely going to leave no stones unturned to make the recovery of the financial conditions as rapid as possible.
There are chances that the committee will retain the same balance sheet to conduct the last meeting of this year. There could be an addition of two new graphs to the sheet according to veteran analyzers and updates from the Summary of Economic Projections or the SEP. these graphs will show the recent developments of the participant’s reports and analysis of the major risks and an extreme amount of uncertainty that has developed over time.
However, it can be said that the patterns of the bullish price are getting a monthly high for the EUR/USD. The growth of the vaccine possibilities are doing well for the EUR/USD and is causing a great amount of trouble for the US Dollar.
