EUR/USD hangs near two-weeks lows as USD rebounds, German Data eyed


  • EUR/USD struggles to hold onto the gains in the Asian session.
  • US dollar recovers from the previous session's low amid strong NFP data.
  • The Euro gains limited on ECB's dovish outlook, PMI data eyed.

The appreciative move in the US dollar keeps EUR/USD grounded on Monday morning Asian’s session. The pair recovered from the low 1.1806 made on Friday post-Nonfarm Payroll (NFP) data.

At the time of writing, EUR/USD is trading at 1.1852, down 0.11% for the day.

The US 10 year benchmark yields trade at 1.43% with losses of  0.10%. The US Dollar Index (DXY) follows the treasury yields and retreats from the monthly high above 90.55 to trade at 92.35.

Investors ditched the greenback on mixed US economic data. The NFP data came at 850K, beating the market expectations at 700K. The data ebbed the expectations of sooner than expected rate hike expectations from the Fed.

The Unemployment rate came slighly higher at 5.9%. The US Factory Orders jumped 1.7% in May, slightly above the market expectations.

The Minutes from the June meeting are due to be released on Wednesday that could draw some light on the insight of the policymaker’s view on the economic and inflation outlook. The US dollar gains on the expectations of hawisk Fed's view.

On the other hand, the shared currency gains were limited as the ECB President Christine Lagarde said, the economic recovery remained fragile despite upbeat economic readings. The rising inflation is expected to stabilize in the medium term below our target.

Meanwhile, the focus will be on the outcome of the special meeting of ECB to be held this week to discuss the definition of new price stability, as a part of the institution’s strategy view. The board signaled that the current central bank’s inflation target below, but close to 2% should be changed.

As for now, investors await  the German Markit Purchase Managers Index (PMI) and Eurozone PMI data

EUR/USD additional level

EUR/USD

Overview
Today last price 1.1853
Today Daily Change -0.0013
Today Daily Change % -0.11
Today daily open 1.1866
 
Trends
Daily SMA20 1.1994
Daily SMA50 1.2082
Daily SMA100 1.2019
Daily SMA200 1.2001
 
Levels
Previous Daily High 1.1874
Previous Daily Low 1.1807
Previous Weekly High 1.1944
Previous Weekly Low 1.1807
Previous Monthly High 1.2254
Previous Monthly Low 1.1845
Daily Fibonacci 38.2% 1.1849
Daily Fibonacci 61.8% 1.1833
Daily Pivot Point S1 1.1824
Daily Pivot Point S2 1.1782
Daily Pivot Point S3 1.1757
Daily Pivot Point R1 1.1891
Daily Pivot Point R2 1.1916
Daily Pivot Point R3 1.1958

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains pressured after US data misses estimates

EUR/USD is trading closer to 1.1750, paring its recovery from earlier in the day as the safe-haven dollar is bid. US Consumer Sentiment missed estimates with 72 points in September. The financial woes of China's Evergrande are weighing on sentiment.

EUR/USD News

GBP/USD trades under 1.38 amid on UK data, dollar strength

GBP/USD is on the back foot, trading under 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 

GBP/USD News

XAU/USD surrenders intraday gains, drops closer to $1,750 level

Gold struggled to preserve its intraday gains and dropped to the lower end of the daily trading range during the early North American session. 

Gold News

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing. Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.

Read more

US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

Read more

Forex MAJORS

Cryptocurrencies

Signatures