Events to be paid to today:
18.00 MSK. USA: The main expenses for personal consumption for October.
18.30 MSK. USA: Data on crude oil reserves from the Ministry of Energy.
PMI Composite indices for the Eurozone and the USA demonstrated a multidirectional tendency – the first figure increased, and the second fell, which gives the hope of “bulls” on the growth of quotations of the European currency. At first glance, this is a good reason for shopping euros, insofar as PMI indexes are advanced economic growth indicators, which signals the acceleration of GDP growth in Europe and slowing the growth of the US economy. However, the dynamics of interest rates on the interbank lending market in London does not allow to count on a good upward trend on euro – the reference three-month dollar rate LIBOR has updated the semi-annual maximum and now there is no reason for changing the trend, as bankers are waiting for the Fed rates in the next year. Additional pressure on the euro will provide The downward trend on gold, since assets historically correlated among themselves. Investors are getting rid of the yellow metal on the expectations of tightening the Credital Policy of the Fed. This is always happening, and the current situation is not unique.
Trading Recommendation: Flat 1.1205 -1.1290.