EURUSD extends its gains for a third day as risk appetite improves

Mohammed Abdelkhalik
November 16, 2020

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EUR/USD Daily Outlook: 16th November 2020

EURUSD opened trading today to record its third consecutive daily gain. These gains are due to the increased appetite of investors to risk in the markets. With the decline in the uncertainty surrounding the U.S presidential elections and the focus on the “Joe Biden” plan.

At 07:55 GMT, EURUSD was up 0.25% to trade at $ 1.1868 from today’s opening price of $ 1.1839.

At the conclusion of trading last Friday, EURUSD achieved gains by 0.3% for the second day in a row, supported by strong economic data issued by Europe, which is considered positive evidence of the European economy’s continued recovery by ATFX broker investors.

Daily Chart of EURUSD on 16th November 2020 (screenshot)

The European economy announced the GDP data for the third quarter of this year. The Euro economy announced good GDP data revealed that the economy grew at the best place ever.

The European Central Bank is set to announce its semi-annual financial stability review later today. And President Christine Lagarde will speak at the World Economic Forum summit.

EURUSD continues rising due to USD decline

The U.S dollar fell against many global currencies, continuing to record its losses for the third day in a row. This comes in light of the weak demand to buy the U.S currency with improved investor sentiment in the markets, especially after the decline of doubts related to the results of the U.S presidential election.

On Monday, the dollar index fell by 0.3% to trade at 92.588 points.

In recent days, U.S President Donald Trump’s comments on the tension between his admission of defeat at one time, and his failure to admit and continuing in the legal battle at other times, while President-elect Joe Biden won more electoral votes, especially in the state of Georgia, which has not yet been decided.

The U.S economy will release the industrial sector data for November today later, and it is expected to record a rise of 13.8 points which is better than the previous reading last October 10.5 points.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.