EUR/USD struggles near 1.1900 amid steady USD, Eurozone data eyed
- EUR/USD struggles to hold onto the gains as it keeps dwindling near 1.1900.
- The Euro gains some ground on upbeat economic data, German data eyed.
- Risk uncertainties uplift the demand for the US dollar.
The buying interest in the US dollar keeps EUR/USD edgy on Wednesday morning Asian’s session. After rising from the multi-month low near 1.1891 in the previous week, it remained pressurized to trade lower.
At the time of writing, EUR/USD is trading at 1.1902, up 0.05% for the day.
The US Dollar Index (DXY), which tracks the performance of the greenback against its six major rivals, stands strong at 92.03 with 0.02% gains.
Investors remain pessimistic about the spread of the highly infectious Delta variant and its impact on the global economy.
Meanwhile, US Federal Reserve Governor Christopher Waller favors that the central bank should start thinking about the rolling out of its massive stimulus program as soon as this year to allow the option of raising interest rates by late 2022.
On the other hand, the shared currency gains were limited, despite the upbeat economic data released on Tuesday. The Consumer Confidence in the Eurozone came at -3.3 in June, up straight for the fifth time. The Service Sentiment came at 17.9 in June, much above the market expectations. The Eurozone Economic Sentiment stood at 117.9 in June, this is the highest reading in the last 21 years.
As for now, investors are waiting for the German Unemployment Change, Unemployment Rate, and Eurozone Core Inflation Rate to gain some traction.
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.
