As expected, the euro opened the new trading week with a fall. The EUR/USD pair continues to trade at lows. The single European currency went down from the level of 1.16 against the US dollar. The released macroeconomic data failed to support the euro. Today, Germany published data on factory orders. In September, the corresponding index grew by 1%, following a 4.1% gain in the previous month while market expected a 1.5% fall. Meanwhile, eurozone Composite PMI stood at 56, which surpassed the flash estimate. The index failed to reach the growth rate of the previous month. The situation in the forex market did not improve after the eurozone meeting, where the ECB representatives noted favorable conditions for a steady rise of inflation. However, investors believe that even if consumer prices reach a 2% target, the bank is unlikely to tighten the monetary policy in the near future. Analysts note that the euro will not get support from Mario Draghi’s speech scheduled tomorrow. Therefore, the EUR/USD pair will remain under the bearish influence for a long time,.
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