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After the preliminary estimate of the August Michigan Consumer Sentiment Index came in at 70.2, surprisingly dropping to its lowest level in nearly 10 years, the EURUSD continues to rise. The dollar is under pressure across the board in the foreign exchange market.
The resurgence of USD weakness, fueled by poor US consumer confidence data, appears to be fueling the rally in the EURUSD. The Consumer Sentiment Index, according to the University of Michigan, fell to 70.2 in August, its lowest level since December 2011. In addition, the Consumers’ Current Conditions Index fell from 84.5 in June to 77.9. The US Dollar Index is down 0.54 percent at 92.50, reflecting the report’s negative impact on the greenback.
Meanwhile, the benchmark 10-year US Treasury bond yield is down more than 3% on Friday, adding fresh pressure on the greenback. There are no more US data releases scheduled for the rest of the day, so despite the recent rally, the pair is still on course to end the week in the former territory.
In addition, both the eurozone and the United States are having a quiet day today. In the lack of any noteworthy data, the German Minister of Finance’s statement that the government does not expect inflation to rise pushed the EURUSD pair higher.
EURUSD Crosses 1.1800 As DXY Falls Beneath 92.50
As the EURUSD pair climbed further higher, hitting a new weekly high of 1.1800 the US dollar remains under pressure across the board, the pair is lingering around the highs, with a bullish tone in place.
The EURUSD pair gained traction in the early American session after spending the first half of the day oscillating in a narrow area below 1.1750. It was last seen up 0.58 percent on the day at 1.1797. The resurgence of USD weakness appears to be fueling the EURUSD rally.
The US Dollar Index (DXY) is currently down 0.54 percent on the day at 92.50, after posting small daily gains and closing near 93.00 on Thursday. Falling US Treasury note yields are making it tough for the greenback to find demand in the absence of high-tier data releases and fundamental developments.
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