|

EUR/USD holds steady above 1.1300 amid softer USD; lacks bullish conviction

  • EUR/USD edges higher on Thursday amid the emergence of fresh USD selling.
  • Trade-related uncertainties hold back investors from placing directional bets.
  • Trump’s press conference at 14:00 GMT eyed for some meaningful impetus.

The EUR/USD pair attracts some dip-buyers during the Asian session on Thursday and reverses a part of the overnight slide from the 1.1375-1.1380 resistance zone. Spot prices, however, remain confined in a familiar range held over the past week or so amid mixed cues and currently trade just above the 1.1300 mark.

Friedrich Merz’s election as Germany’s chancellor reduces uncertainty in the Eurozone's economic powerhouse and lends some support to the shared currency. The US Dollar (USD), on the other hand, struggles to gain any meaningful traction despite the Federal Reserve's (Fed) hawkish pause on Wednesday, and turns out to be another factor acting as a tailwind for the EUR/USD pair.

In fact, Fed Chair Jerome Powell said that there is a great deal of uncertainty over US trade tariffs and that the right thing to do now is to wait for further clarity. This, in turn, suggests that the US central bank is not leaning toward cutting rates anytime soon. However, the heightened economic uncertainty led by US President Donald Trump's trade tariffs keeps the USD bulls on the defensive.

Meanwhile, investors remain on edge amid Trump's rapidly shifting stance on trade policies. Moreover, the European Union reportedly will propose tariffs on Boeing aircraft if talks with the US fail, raising the risk of a further escalation of trade conflict. This, in turn, holds back traders from placing aggressive directional bets around the EUR/USD pair and leads to the subdued price action.

Traders now look forward to the release of the US Weekly Initial Jobless Claims data, though the focus will remain glued to Trump's press conference at 14 GMT in the Oval Office later during the US session. This will play a key role in influencing the USD price dynamics and provide some impetus to the EUR/USD pair.

US Dollar PRICE Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc.

 USDEURGBPJPYCADAUDNZDCHF
USD -0.01%-0.13%0.10%0.05%-0.23%-0.27%0.19%
EUR0.00% -0.11%0.13%0.03%-0.22%-0.26%0.20%
GBP0.13%0.11% 0.25%0.15%-0.09%-0.14%0.28%
JPY-0.10%-0.13%-0.25% -0.06%-0.34%-0.38%0.03%
CAD-0.05%-0.03%-0.15%0.06% -0.28%-0.32%0.10%
AUD0.23%0.22%0.09%0.34%0.28% -0.04%0.38%
NZD0.27%0.26%0.14%0.38%0.32%0.04% 0.42%
CHF-0.19%-0.20%-0.28%-0.03%-0.10%-0.38%-0.42% 

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).


BRANDED CONTENT

If you're looking for the best brokers to trade the EUR/USD pair, explore our selected options. Knowing each broker’s strengths will help you find the ideal fit for your trading strategy.

Author

Haresh Menghani

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

More from Haresh Menghani
Share:

Editor's Picks

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold rebounds and retargets $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus in attention to the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline amid a marginal retracement in the US Dollar after the release of August inflation print.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Weekly focus – The hawks set the tone
Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.
Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight
The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.