EUR/USD Buyers Are Waiting for Europe’s GDP And Fed Minutes

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EUR/USD receives moderate bids near the in-day high. The pair is also preventing the previous day’s corrections from getting to a 3-week low. This has resulted in a fierce struggle between buyers and sellers before important data arrives from Europe and the United States. Furthermore, EUR/USD fluctuates near 1.080 level during the opening of the European Session.

However, the latest increase in the value of EUR/USD can be related to the USD failing strength and the market’s cautious mood. Furthermore, the United States Index revisits the 3-week high of 106.94 and then returns to 106.35, reducing by 0.10% lately. These losses can be connected to the market preparation for July’s United States Retail Sales. This data is anticipated at 0.1% against the 1.0% before.

EUR/USD Buyers Are Waiting for Europe's GDP And Fed Minutes

More Happenings Influencing EUR/USD Price

Somewhere else, Europe gives Signs of reinstating  its nuclear relationship with Iran. Also, the region is refusing plans for shutting down Germany’s 3 nuclear power plants. This development seems to have helped the EUR/USD buyers lately.

During these developments, the United States’ ten years -Treasury yield diminished yesterday’s correction. Additionally, the S&P 500 futures undulates around a four-month high.

Going forward, EUR/USD Traders will have to monitor the 2nd reading of the euro zone GDP. And, this is expected to affirm the quarter-on-quarter prediction, before the preparatory reading of Eurozone Employment change in the 2nd quarter. This data is anticipated to arrive at 2.5% against 2.9% before. Another important data is the United States Retail Sales for July as previously stated. Most importantly, the FOMC gathering will be key as the market refresh its bet on the Federal Reserve.

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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.