- EUR/USD struggled to find direction for the past four sessions and awaits for confirmation to trade directionally.
- The US Dollar Index (DXY) remained subdued around 92.20 since the beginning of July.
- The Euro gains were limited despite upbeat economic data, renewed corona cases triggered a fresh round of concern.
EUR/USD continues with its sideways movement on Tuesday morning in the Asian trading session. The pair trades in a very narrow trade band with no meaningful traction ahead of the key economic data.
At the time of writing, EUR/USD is trading at 1.1864, up 0.02% for the day.
The US Dollar Index (DXY), which tracks the performance of the greenback against its six major rivals, trades below the 12-week high near 92.20 with muted gains. The US 10-year benchmark yields rise a little toward 1.44%.
Investors stayed away from positioning large bets on the US dollar in a quiet trading session on Monday as exchanges remained closed for the Independence Day holiday. All eyes remained on the FOMC minutes to release on Wednesday.
On the other hand, the single currency gains were limited as the ECB policymakers remained at odds with their new inflation strategy but confident to reach a consensus in the special meeting in Frankfurt next week, as per Bloomberg reports.
Meanwhile, the IHS Markit Eurozone Composite Purchase Manager Index (PMI) came at 59.5 in June, slightly higher than the market estimates at 59.2. The Service PMI also read higher at 58.3 in June, above the market expectations of 58.0.
As for now, investors await the Eurozone Retails Sales data and the US ISM Service Purchase Manager Index (PMI) data to gauge the market sentiment.
EUR/USD additional level
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