- EUR/USD clings to gains near 1.0850 on upbeat Eurozone GDP data. Even though higher Eurozone GDP growth has improved the Euro’s (EUR) appeal, its outlook is still in danger amid uncertainty ahead of the United States (US) presidential election.
- Traders seem to have priced in a victory from former President Donald Trump against current Vice President Kamala Harris, a scenario that would have significant repercussions on the Eurozone economy as Trump is expected to raise tariffs by 10% on all imports, hitting the Eurozone’s powerful export sector. Trump said this week that the European Union (EU) would have to "pay a big price" for not buying enough American exports if he won the November 5 election, Reuters reported.
- Meanwhile, the US Dollar (USD) trades in a tight range, with investors focusing on the US Nonfarm Payrolls (NFP) and the ISM Manufacturing PMI data for October, which will be published on Friday. The economic data will influence market speculation for the Federal Reserve (Fed) interest rate cut path. Later on Thursday, the Personal Consumption Expenditure (PCE) Price Index data for September will also be published, although its impact on markets is expected to be limited because the US GDP report on Wednesday already unveiled the overall figures for Q3.
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