EURUSD found support. Overview for 12.10.2022

The major currency pair managed to reach stability on Wednesday. The current quote for the instrument is 0.9730.

The United States secretary of the treasury Janet Yellen believes the current USD rate reflects the corresponding monetary policy. According to Yellen, there are no signs of financial instability in global capital markets. She said that strengthening of the American currency is a logical result of different policies e also said that a decline in the number of jobs offered relieves some stress in the employment sector.

The September labour market data showed stability in the sector: the Unemployment Rate dropped to 3.5%, the Non-Farm Payrolls showed 263K. Experts were expecting weaker readings, which might force the US FOMC to slow down its aggressive monetary tightening. However, it didn’t work.

In the afternoon, the Euro Area will report on the Industrial Production, which might add 0.6% m/m in August after losing 2.3% m/m the month before. Later in the evening, investors will switch their attention to the FOMC Meeting Minutes.