Euro Nears $1.15 Line

Forex News

Euro shows significant gains versus USD today. The EUR/USD pair is trading at 1.1494, having gained 0.59% on the day. The single currency was largely boosted by US dollar's weakness after midterm election results. Following US congressional midterm elections, Democrats gained control of the US House of Representatives, while Republicans held their majority in the Senate.

Still, the euro faces its next major test on Thursday, when the Federal Reserve releases its monthly rate statement. The US central bank is widely expected to keep its monetary policy unchanged with the benchmark rate at a range of 2.0%-2.25%.

Euro area retail sales were unchanged in September after growing in the previous month. The Eurostat reported, that retail sales were flat on the month, while economists were looking for a modest 0.1% gain. On annual basis, retail sales rose 0.8% in September, which was lower of the 0.9% expected growth. August's initially reported monthly decline of 0.2% was revised to a 0.3% gain. The annual gain for August was revised to 2.2% from 1.8%.