EUR/USD Approaches 1.05330 Price Level, as American Dollar Grows Weak

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EUR/USD continues to rise higher for two days in a row. Although, the pair is still trying to attain the 1.0600 price level because sellers keep causing setbacks for it. EUR/USD was trading around 1.0582 at the time of writing, recording a good upward movement of around 0.18%.

Market feelings are favorable, as world equity is trending upwards. As the desire for risk grows, and refuge currency; such as the dollar is become less patronized. Also, on Monday, Christine Lagarde: the European Central Bank governor confirmed that the interest rate will be lifted next month.

She also added that the size of the interest rate increase in September will be dynamic.

Though ECB President’s remark pushed EUR/USD close to the 1.0600 mark, buyers were unable to push it beyond this mark. Consequently, this caused the pair to retract back to the 1.0530s.

EUR/USD Approaches 1.05330 Price Level, as American Dollar Grows weak

Other EUR/USD Price Dictating  Factors

The interest rate difference between the European Central Bank and the Federal Reserve will probably help the USD: roughly equal, as portrayed by the DXY (USD index).

Adding to the ECB president’s remark, the statement of an Economist: Philip, at European Central Bank, proves to be insightful. He said that there is no need to reexamine the interest rate plan from July onwards. He as well said that there will be no checks on the right speed for tightening. Consequently, this remark may affect the sentiment surrounding the EUR/USD.

Other Federal Reserve speakers have been making comments as well. One of them said that the Fed ought to be dynamic with monetary policy. He further remarked that following the UoM prospect, he believes that a 75 bps interest rate could be dictated. And, this will eventually affect the EUR/USD

For now, the United States economic documents portray the Chicago Federal Reserve Activity Index. This index declined to 0.01 during last month: May, from 0.40 in the last two months: April. Also, the Unites State’s Home sales fell by 3.4% to 5,410,000 which seems to be the lowest in two years: June 2020.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.