- The Euro maintains a moderate bid tone against the US Dollar and consolidates near 1.1650.
- Hawkish comments by Fed officials have failed to support a weak Greenback.
- Eurozone GDP data is expected to confirm that the economy grew at a 0.2% pace in Q3.
EUR/USD extends gains for the eighth consecutive day on Friday, trading at 1.1640 at the time of writing on Friday, on track for a 0.6% rally this week. The pair has drawn support from a weaker US Dollar, with investors anticipating a raft of weak economic data next week, as US authorities will release the macroeconomic figures delayed due to the government shutdown.
Federal Reserve (Fed) policymakers, however, showed reluctance to ease monetary policy further on Thursday. St. Louis Fed President Alberto Mussalem and Cleveland Fed President Beth Hammack were more concerned about the risks of inflation than about the labour market’s momentum, while Minneapolis Fed President Neel Kashkari delivered a more neutral message.The US Dollar’s weakness offset the negative impact of a disappointing Eurozone Industrial Production report. This Friday, the focus shifts to the second reading of the Q3 Eurozone Gross Domestic Product, while in the US, more speeches from Fed officials will provide the fundamental guidance for the Greenback
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