EUR/USD holds above 1.0850 on weaker US Dollar, eyes on US PCE data

The EUR/USD pair attracts some buyers to near 1.0855 during the early Asian session on Thursday.

EUR/USD edges higher to around 1.0855 in Thursday’s early Asian session. Private sector employment increased by 233,000 jobs in October. The Eurozone HICP and the US PCE inflation data will be in the spotlight on Thursday. The weakening of the US Dollar and the better-than-expectedEurozone flash Gross Domestic Product for the third quarter provides some support to the major pair. The US economy grew at an annualised rate of 2.

The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.

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