EUR/USD has taken on a moderately easier tone in early US trade after its rebound stalled at 1.4901. Anemic GDP figures from the eurozone are helping weigh on the single currency while China’s playing down talk of a substantial revaluation is helping stall the dollar recovery. US equity gains have faded in the last hour, guiding EUR/USD lower of late. We trade now at 1.4831, eying support at 1.4850/55.
US trade data later this hour is unlikely to be a big market mover. A $31.7 bln deficit for September is expected.