EUR/USD Dips Towards Price Level 0.9800 While USD Gains Strength

Updated:

EUR/USD dips to 0.9800 as we move closer to the opening of the European morning, while the USD Broke its sideways movement towards higher price levels.

Investors prepare for a raft of preparatory Purchasing Manager indices from different parts of Europe region economies. They are also anticipating the United States’ PMIs for a new drive as activities following the Fed rat increase slows. Jerome Powell’s (Fed Chairman)  statement during the North American trading period will hog public focus since this will be his first public appearance since the rate increase which happened on Wednesday. And, this may further influence the EUR/USD price.

EUR/USD Dips Towards Price Level 0.9800 While USD Gains Strength Before PMI

More Factors Affecting EUR/USD Price Action

At the same time, the United States Treasury yield are retaining their latest rally. Consequently, this supports the USD and applies a downside force on EUR/USD. Moving on, Europe as well appears prone, as Russia’s aggression toward Ukraine gets refreshed.

Two days ago Putin declared a part of military preparation in Ukraine. This strengthened the safe-haven flow towards the USD and damaged market feelings.

The war between Russia and Ukraine and the gas supply stoppage in Moscow have pushed Europe to the edge of an economic recession. Nevertheless, the Coming Euro area Manufacturing PMIs may provide new insights into the wellbeing of the European Economy.

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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.