EUR/USD hovers around 1.1600 ahead of ECB, US GDP

EUR/USD consolidates close to 1.1600 beforehand of the ECB verdict.
US Treasury yields rebound regardless of the decrease international stocks.
ECB coverage meeting, US GDP and Initial Jobless Claims keep the key this Thursday.
EUR/USD trades cautiously on Thursday in the Asian buying and selling hour. The pair recovered from the latest lows round the 1.1580 zone. At the time of writing, EUR/USD is buying and selling at 1.1608, up 0.03% for the day.

The shared foreign money won some traction following Germany’s GFK Consumer Confidence, which elevated from 0.4 to 0.9 in October, beating market expectations. Also, the EU suggested September Money Supply, which accelerated through 7.4%, under the market consensus.

Traders are now bracing for the European Central Bank (ECB) financial coverage decision. The ECB is extensively predicted to preserve its dovish stance however policymakers might also pave the way for a tighter economic policy.

The dollar stays consistent at round 93.80, underpinned by using the rebound in the US T-bonds yields. The US Durable Goods Orders fell 0.4% in September, higher than the -1.1% expected. The preliminary estimate of the September Goods Trade Balance posted a deficit of $96.3 billion, large than the preceding $-89.4 billion.

As for now, merchants are ready for the Eurozone Consumer Confidence, ECB Interest Rate Decision, US Gross Domestic Product (GDP), and Initial Jobless Claims to take clean buying and selling impetus.

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