Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Greenback fluctuates amid doubts over Trump's tax initiative
On Wednesday, rumors that President Donald Trump's tax overhaul initiative would stall kept the greenback below a recent 10-week maximum versus key currencies, and the common currency stuck to a 12-day maximum because political tensions over Catalonia relieved a bit.
The common currency didn’t change offering a reading of $1.1808 having hit $1.1828, which is its highest value since September 29, due partly to positive euro zone economic indicators, which have helped it to soar from a seven-week minimum of $1.1669 on Friday.
The euro's ascend strengthened after on Tuesday Catalan leader Carles Puigdemont dared to proclaim the region's independence from Spain, although he told the effects would be delayed to enable negotiations and prevent an immediate crisis.
Firm economic data out of Germany spurred confidence in the common currency because upbeat industrial output numbers reported on Monday were followed by Tuesday’s figures showing exports rallied in August.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.