EUR/USD Stays Above Equality as USD Reduces in Momentum

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EUR/USD was able to regain above equality after its falling below it. This is happening after a big economic data was published in the United States. As the USD index strives to gain upward momentum, the pair remains in the green territory during the New York Session.

The Money market took a better form on Tuesday, and this assisted the EUR/USD recovery 1.000 level. However, this wasn’t sufficient to initiate an upside move amidst high-yield Fiat’s. EUR/USD attained its highest of 1.0054 during the European trading session. The bettering equities and relaxing government bond production assisted the pair to reach this level. Improving the performance of the equities and slowing government bond yield did this by weighing down the USD.

EUR/USD Stays Above Equality as USD Reduces in Momentum

Additional EUR/USD Price Factors

Furthermore, risk Averting mood caused the European and United States policymakers’ hawkish statements to become calm. However, market participants retain their cautious position. Also, the stock market was only able to record minimal profits while a cautious mood was prevalent in the market. As it concerns the USD, the dollar is obtaining some in-day support while commodity prices are easing.

The European data puts a cork on EUR upward movement. At the same time, this month’s Economic mood indicator narrowed to 97.6 from 98.9, which was lower than anticipated. Also, the CPI stays constant at -24.9. The United States will release this month’s Consumers Confidence which is anticipated to arrive at 97.6. And this will further influence EUR/USD price changes.

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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.