Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Evergreen buck is nearly intact
On Wednesday, the evergreen buck and the Japanese yen were nearly intact in Asia because investors were still cautious against the backdrop of the Brexit uncertainty as well as trade tensions between American and the European Union.
The Japanese yen gained some support, backed by escalating US-EU trade conflict and also the International Monetary Fund's bearish update on global surge.
Eventually, the safe-haven currency pared some of its profit. Versus the evergreen buck, it last traded at 111.14, losing 0.03%.
On Monday, reports told that the EU and America could be set to slap tit-for-tat levies on each others' experts. America told it could be imposing levies on $11 billion worth of European experts. Responding to that move, the European bloc told it’s ready to come up with countermeasures.
Besides this, assessing the greenback’s purchasing power versus a number of its main rivals the USD index was generally intact, sticking with 96.637.
By the way, investor sentiment was further affected today right after the IMF reduced its 2019 American surge outlook from 2.5% to 2.3% in January and reduced its 2019 global surge outlook to 3.3% that happens to be the lowest outcome since the financial downtime.
Looking ahead, traders’ focus will be on an ECB meeting as well as the publication of minutes of the Fed’s last policy gathering.
British lawmakers voted ahead of a Brexit summit meeting on Thursday to accept Prime Minister Theresa May's plan to postpone the UK’s departure from the EU to June 30.
The currency pair EUR/USD stood still, showing 1.1260. Meanwhile, the currency pair GBP/USD rallied by 0.1% being worth 1.3069.
In addition to this, the currency pairs AUD/USD and NZD/USD gained respectively 0.2% and 0.1%.
The European central bank will publish the main refinancing rate and make a statement on Thursday, July 16, at 14:45 MT time. Also, the ECB’s press conference will be later at 15:30 MT time.
Optimism about the Moderna vaccine improved the market sentiment. Let’s have a closer look, what’s happening today.
The Canadian central bank will announce interest rates and make a speech on Wednesday, July 15, at 17:00 MT time. Also, the BOC press conference will be later at 18:15 MT time.