The single currency stays bid during the European morning, with EUR/USD navigating the area above 1.1400 the figure.
EUR/USD supported by ECB rumours, looks to US CPI
The pair is extending the sideline theme around the 1.1400 handle after being rejected from fresh 14-month peaks near 1.1490 on Wednesday.
EUR/USD climbed higher on the back of dovish comments from FOMC’s permanent voter Lael Brainard earlier in the week, although the abrupt bullish attempt run out of legs in the vicinity of the key handle at 1.1500 the figure.
The greenback, in the meantime, seems to have found insufficient both testimonies by Chair J.Yellen on Wednesday and Thursday to move higher, relegating instead the US Dollar Index to menader in the mid-95.00s.
EUR at the same time stays supported by recent news citing President Draghi will announce some sort of tapering at the Jackson Hole Symposium later in the year, while recent activity in EUR futures markets keeps pointing to ocassional dips to stay shallow.
Later in the session, US CPI and retail sales for the month of June will be key in determining the buck’s direction in the near term, while they could also collaborate in the building of expectations of further tightening by the Federal Reserve in the next months.
Additional US data will see capacity utilization, industrial and manufacturing production, July’s advanced consumer sentiment and the speech by Dallas Fed R.Kaplan (voter, hawkish).
EUR/USD levels to watch
At the moment, the pair is gaining 0.12% at 1.1412 facing the immediate hurdle at 1.1435 (long-term resistance line) followed by 1.1489 (2017 high Jul.12) and finally 1.1500 (psychological handle). On the flip side, a breach of 1.1371 (low Jul.13) would target 1.1321 (21-day sma) and finally 1.1311 (low Jul.5).
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.
Recommended content
Editors’ Picks
AUD/USD weakens amid anti-risk flow; bearish USD could limit losses
AUD/USD drifts lower on Friday, although it remains confined within a multi-week-old trading range below the YTD high. Trade-related uncertainties and rising tensions in the Middle East weigh on investors' sentiment and the risk-sensitive Aussie. The downside, however, seems limited amid the USD slump to a multi-year low.
USD/JPY seems vulnerable amid geopolitical risks, BoJ rate hike bets
USD/JPY prolongs its downtrend for the third straight day on Friday. The global risk sentiment takes a hit amid an escalation of geopolitical tensions in the Middle East, which boosts the JPY's safe-haven status. The USD plummets to a two-year low amid rising Fed rate cut bets and contributes to the decline.
Gold price advances to one-month peak amid a global flight to safety
Gold price attracts buyers and climbs to over a one-month peak on Friday as rising geopolitical tensions in the Middle East underpin the safe-haven demand. Trade-related uncertainties, rising Fed rate cut bets, and a USD slump to over a two-year low provide an additional boost to the bullion.
Circle plunges 10% as XRP Ledger integrates USDC, EVM sidechain to launch in Q2
Stablecoin issuer Circle saw a 9.1% decline on Thursday after it revealed that it has integrated USDC on the XRP Ledger, making it available for businesses and users on the remittance-based token's blockchain.
US tariffs here to stay, trade deals ‘largely symbolic’
Despite legal challenges to IEEPA tariffs, US trade policy remains firm. Tariffs on steel and aluminium have doubled, and new sectoral tariffs are expected. Trade deals may emerge, but most will be symbolic. Effective tariff rates will stay high throughout 2025.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.