EUR/USD trades near 1.1245 as political shifts in the US Congress weigh on the Dollar, while traders look ahead to German factory orders for further market direction.
EUR/USD is near 1.1245 as the US Dollar weakens after the Democrats take control of the US Congress in midterm elections. Hot Eurozone inflation also supports the Euro. Germany’s September Factory Orders data due later on Thursday could temper the move if it disappoints.
The article says the US Dollar weakens against the Euro as Democrats take control of the US Congress in midterm elections, while hot Eurozone inflation adds support.
Germany’s Factory Orders data for September is due later on Thursday.
The EUR/USD pair climbed to 1.1245 during early Asian trading as the US Dollar faced selling pressure following the Democratic party's victory in the US midterm elections. Heightened Eurozone inflation data further bolstered the Euro's position against the greenback.
The pair is rising due to a weakening US Dollar following the Democratic party's success in the US midterm elections and persistent inflationary pressure within the Eurozone.
Traders are awaiting the release of Germany's Factory Orders data for September, which is scheduled for later on Thursday.