EUR/USD Set to Break 1.0171 Level

Updated:

Yesterday EUR/USD was among the weakest pair, as it was bought and sold at around 1.0180. Averting risk was the predominant flow of the day in the Forex market. This occurred during the first two trading sessions when the United States House Speaker was deciding to visit Taiwan. However, this stoked the fire of the United States and China’s tension. The US speaker’s visit to Taiwan stimulated a response from Beijing. Consequently, China shut the air space near Taiwan, subsequently declaring an attack on it by today.

Wall Street started the day in losses, nevertheless, key indexes tried to reduce their in-day losses. And, for some time altered the USD gain. However, while the indexes stay in the deficit area, the dollar gains power throughout the Forex market.

EUR/USD Set to Break 1.0171 Level

More EUR/USD Price Dictating Factors

On the data front, the figure for employment opening declined by 10.7 million during the previous business day for June. Additionally, going by the information provided by the United States Bureau of Labor, this is lower than the anticipated 11.3 million. Also, this same statement revealed that absolute separation and hires altered a bit when compared to that of May. Eventually, this affected the EUR/USD pair

The board’s economic schedule will be very busy today (Wednesday). This is because S&P Global will be publishing the Service PMIs for the Europe and United States for July today. Also, the ISM Service PMI for July will as well be released, as Europe will be publishing June’s Retail Sales. This will play important role in dictating the direction of the EUR/USD.

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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.