Breaking: EUR/USD drops below 1.1700 for the first time since November 2020
|- US dollar gains momentum during the American session.
- EUR/USD falls for the third consecutive day after a brief recovery.
The EUR/USD extended the decline and fell to 1.1693, reaching the lowest level since November 2020. It remains under pressure hovering around 1.1700.
The move lower took place amid a stronger US dollar across the board. The DXY is up 0.07%, trading at 93.20, on its way to the highest close since March. Market participants await the outcome of the FOMC minutes to be released at 18:00 GMT.
Equity markets are moving sideways and commodity prices turned to the downside during the American session, with gold and silver accelerating the decline. US bond yields are modestly higher. The 10-year yield reached a three-day high at 1.286%.
The FOMC minutes could trigger sharp moves. Market participants will search for clues about a tapering timeline for the purchase program. Next week, Jerome Powell will speak at the Jackson Hole symposium.
Technical levels
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