On Wednesday, the major currency pair is trying to reach stability and move higher.
EURUSD stopped falling and right now is trying to regain positions. The current quote for the instrument is 1.1577.
Political uncertainty in Italy still reflects poorly on the European currency and remains a risk factor. However, investors seem to have already analyzed this fact, thus helping EURUSD to reach stability.
Yesterday, the US Federal Reserve Chairman Jerome Powell delivered a speech. He said that the labor market is the country looked pretty stable and there were no risks of “overheating”. According to Powell, investors are quite unlikely to see the prices go up quickly due to the constant improvement of employment. However, Powell’s speech was taken rather neutrally, because he is scheduled to speck several times this week.
Meanwhile, his comments may also be perceived as the regulator’s intentions not to give a boost to tightening its monetary policy, but continue working with the same speed. Last week, the Federal Reserve increased the key rate for the third times this year and is expected to announce another rate hike after its December meeting.
There weren’t many macroeconomic statistics from the USA yesterday, but today’s calendar is full of them. Investors should pay attention to the ADP Non-Farm Employment Change and the Markit Final Services PMI. Apart from Powel, several more members of the Federal reserve are going to speak and if they mention anything relating to the regulator’s monetary policy, EURUSD may get more volatile.