Traders Remain Active During European Session

Despite the lack of important macroeconomic events in the European session, traders remain active. First of all, market participants pay attention to the EUR/USD pair, which moved down from the previous high of 1.1850. Meanwhile, Germany released data on producer prices. The corresponding index increased by 0.3% to 105.2 in September. Geopolitical factors still influence the market, however, investors no longer attach special importance to them. In particular, traders are less concerned about the situation in Spain. Today, the single European currency shows the response of market participants to Angela Merkel’s support for British Prime Minister Theresa May after failed negotiations with the EU leaders on Brexcit. Merkel notes the successful advance in the talks.

It seems probable that this factor supported the GBP/USD pair. The British pound is gradually rising to 1.3180. Moreover, market participants still expect the Bank of England to tighten the monetary policy in the near future. Experts believe that the British pound has a very strong support. According to the forecasts of the analysts, the euro and the pound may close this trading week in positive territory. Many macroeconomic events are scheduled on the next week, which will allow the European assets to stand up against the US dollar.

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