EUR/USD Pair Resists Decline: Overview for November 07, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/EURUSD_19-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="EUR/USD analysis today" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p>The <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR/USD</a> pair is falling, but not too much.</p>

<p>The main <a href="https://blog.roboforex.com/blog/2020/06/19/how-to-choose-a-currency-pair-for-trading-in-forex/" data-internallinksmanager029f6b8e52c="142" title="Currency Pair">currency pair</a> is retreating on Tuesday, with the current EUR/USD exchange rate at 1.0706.</p>

<p>The global foreign exchange market has a complex risk sentiment, favoring both the USD and the EUR.</p>

<p>The eurozone released some statistics on Monday. The final services PMI stayed at 47.8 points in October, indicating a contraction. The Sentix investor confidence index in the eurozone rose in November, reaching -18.6 points, beating the forecast of -22.2 points.</p>

<p>The US employment sector statistics in October showed the negative effects of a tight monetary policy on the economy. The unemployment rate rose to 3.9%, contrary to expectations. The average hourly earnings increased by 0.2 m/m, missing the consensus. Non-farm payrolls increased by 150,000, below the expected 178,000 and almost half of the previous month&rsquo;s increase.</p>

<p>This is important because most of the working-age population works in this sector, which accounts for over 80% of the <a href="https://blog.roboforex.com/blog/2019/10/29/trading-news-how-to-make-money-on-gdp/" data-internallinksmanager029f6b8e52c="93" title="GDP">GDP</a>. Employers reduced competition for workers and cut jobs in October, meaning they see lower economic demand or harder conditions for growth.</p>

<p>Today, the eurozone&rsquo;s producer price index and the US <a href="https://blog.roboforex.com/blog/2021/10/21/trade-balance-how-to-use-it-in-forex/" data-internallinksmanager029f6b8e52c="207" title="Trade balance">trade balance</a> are worth watching. However, overall risk aversion remains the main focus.</p>

<p>
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