Despite the strong economic data in the United States, the US dollar came under pressure on Friday afternoon. Is bearish on the greenback, which has allowed the EURUSD to finish the week above $ 1.25, would be explained by the cut positions by speculators in the foreign exchange market that a change management due to a deterioration in the US economy.
At the beginning of this new week, traders will scrutinize the various statistical euro eurozone this morning, namely the trade figures for the currency bloc. While the evolution of European trade balance will influence the exchange rate of the euro over the medium / long term contracts rather should focus on the events this afternoon.
This is especially the testimony of the president of the European Central Bank (ECB), Mario Draghi in Brussels to 15h CET that will attract the attention of traders today. Draghi will make his quarterly hearing before the European Parliament Committee on Economic and Monetary Affairs of the European Parliament.
The next US statistics will also follow. At 14:30, the Empire State manufacturing index for the New York area will be published. This statistic is expected to surge to 12.0 in November against 6.17 in the previous month. The industrial production figures at 15.15 should also impact the price of the EURUSD as they are closely watched by the Federal Reserve.