- The Euro shows mild gains against the US Dollar but remains close to the 1.1500 support area.
- Dovish comments by Fed Williams weighed on the US Dollar on Friday.
- German IFO Business Climate and ECB’s Lagarde will drive the Euro on Monday.
EUR/USD shows marginal gains at Monday’s European session opening, trading at 1.1520 area at the time of writing, after bouncing from two-week lows at 1.1490 on Friday. The pair edged higher in dozy Asian markets, with Japan closed for bank holidays, and with US markets bracing for a shortened Thanksgiving week.
The US Dollar (USD) was hit on Friday’s US session from dovish comments by the New York Federal Reserve (Fed) President, John Williams, who raised hopes of further interest rate cuts in the coming months, and sent the US Dollar Index (DXY) down from multi-week highs.
Regarding macroeconomic data, the US preliminary S&P Global Purchasing Managers’ Index (PMI) and the Michigan Consumer Sentiment Index showed fairly positive readings for November, in contrast with the Eurozone PMIs, which revealed that manufacturing activity contracted against expectations.
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- Gold fails to sustain a break above $4,200, US CPI in focus
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