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October 16, 2020 11:39 am

EUR/USD. October 16, 2020 – The euro is growing slightly from the level of 1.17

On Friday, the EUR/USD pair is growing moderately from the level of 1.1700, the current quote is 1.1725. During the current week, the euro showed weakening, responding to a decrease in demand for risky assets due to political and economic uncertainty in the United States and the worsening epidemiological situation in Covid in the world.

Experts note that restrictive measures have been reintroduced in many European cities, since they recorded significant jumps in the incidence of coronavirus.

Additional pressure on the euro is exerted by the complexity of the Brexit negotiations. London and Brussels have failed to move forward on the deal, exacerbating the risks of Britain leaving the EU without a deal.

However, today the euro has started to grow. The pressure on the dollar was exerted by yesterday's data on the labor market, which continues to experience difficulties for the second week in a row. The number of applications for unemployment benefits rose to 898 thousand against the previous level of 845 thousand. The forecast assumed a decrease to 810 thousand.

At the end of the day, the US is to release data on retail sales, which growth is expected to slow from 2.6% to 2.2%. You should also pay attention to the volume of industrial production in the States: experts predict a slowdown in the decline in production from -7.7% to -6.6%.

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