EUR/USD remains poised for more gains above 1.2160
- EUR/USD attempts recovery in the Asian session.
- Weaker US dollar lifts demand for the pair.
- US JOLTs Job Opening data, Germany ZEW Survey awaited.
The buying interest surrounding the single currency keeps the EUR/USD pair buoyed in the Asian session. The pair opened lower on Tuesday morning, now recouping strength towards sessions high at 1.2149, where it waivers now.
The US Dollar Index (DXY), which tracks the movement of the greenback against six major rivals, treads water with little gains, at 90.26. The depreciative move of the US dollar adds strength to the EUR/USD pair.
The disappointing US NFP data still haunts the market. The Federal Reserve (Fed) officials reaffirmed their dovish stance on monetary policy, as the dual mandate of full and exclusive employment along with inflation averaging around 2% is still far from reach.
On the other hand, a pick up in the covid vaccination drive and partial reopening of the economy help in improving the economic forecast for the Old Continent. This optimism aids the single currency to gain some traction.
As for now, investors await the release of the German Wholesale Price Index for April, Germany ZEW Survey. Later on, US JOLTS Job opening data (Mar) and the Fed official’s speeches will be closely watched as well.
EUR/USD Additional Levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
