In the Tokyo market, the euro dropped to 1.0481 as U.S. long-term interest rates rose, leading to euro selling. However, in the European market, the trend reversed, and the euro rose to 1.0530, supported by a rise in European stock prices.
In the New York market, the October JOLTS report was stronger than expected, pushing the euro down to 1.0493. Still, some buying was seen at lower levels after the previous day’s decline. However, concerns about political uncertainty in France limited the euro’s ability to rise further.
Today, reports such as the U.S. ISM Non-Manufacturing Index and the Beige Book are likely to highlight the economic differences between the U.S. and Europe.
EUR/USD Expected Range: 1.0540 to 1.0460 (50%)
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