The US dollar remains seen to be weak until trading ends this week as investors still view the market as at risk ahead of the US Presidential election in the next few days.
However, the US dollar was seen slightly lower on Thursday trading in the New York session after US economic data was published positively with an increase in Gross Domestic Product (GDP) growth in the third quarter as well as a declining unemployment rate.
Even so, the appreciation of the US dollar was seen only temporarily as Covid-19 infection cases remained high in the US. Cases of daily infections reached 91,000 cases yesterday, indicating the spread of the virus is becoming more serious.
The same is true in Europe with some major economic countries severely affected. Yesterday's daily infection cases in France recorded 47,637 cases, Italy's 26,831 and Germany's 18,732 cases and will face the risk of economic closure.
This is one of the factors that pressures the Euro to continue to depreciate to the 4 week low of the US dollar.
In addition, the European Central Bank (ECB) policy meeting yesterday signaled further easing to support the economic recovery after interest rates were maintained unchanged.
On the EUR / USD currency pair price chart, the price has shown a bearish pattern throughout the week with the decline on Thursday yesterday recording the latest 4-week low.
The sharp decline in the Euro yesterday after the results of the ECB meeting saw the price break above the support level of 1.16900 and reach the latest low around 1.16500.
