Euro trading has been subdued so far on Friday, with the single currency almost flat to the dollar, as investors await the publication of Eurozone GDP data later today. Just like in previous sessions, risk aversion is dominating market sentiment. Investors are concerned about the impact the second wave of the pandemic and the winter lockdowns will have on economies already battered by the first wave. Even US GDP numbers published yesterday, showing economic activity had rebounded by 33.1% during Q3 failed to generate enthusiasm in the markets. Demand remained high for safe haven assets like the dollar, as the jump in last quarter’s GDP didn’t mask the fact that compared with the same period in 2019 the American economy actually shrunk by almost 3%.
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