Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Greenback goes down vs. its rivals
On Monday, the major American currency went down versus its counterparts, suppressed by a stronger UK pound in the wake of upbeat comments on a Brexit deal from the European bloc’s key negotiator Michel Barnier.
Gauging the greenback’s purchasing power versus a pack of its primary rivals the USD index inched down by 0.34% being worth 95.06.
The UK currency reached a five-week maximum versus the US dollar because Barnier stoked investor expectations of Great Britian clinching a Brexit deal, right after he told that it was quite real to achieve a deal within a time frame of 6-8 weeks.
It comes in the face of reports that the European Union is ready to provide Barnier with a mandate to offer concessions for the purpose of striking a deal with the United Kingdom. Eventually, Great Britain is slated to escape from the European Union even in less than seven months. To be exact, it should take place on March 29, next year.
The currency pair GBP/USD managed to gain by 0.85% hitting $1.3026.
Market experts warned that the UK currency has been extremely susceptible to Brexit-related headlines recently and also sudden profits can soon be retraced if there’s no further confirmation.
The currency pair EUR/USD jumped by 0.41% ending up with $1.1600.
The evergreen buck also lost its footing versus the Canadian dollar having sagged from session peaks, although weakness in crude kept profits in the crude-price-sensitive Canadian dollar in check.
The currency pair USD/CAD went down by about 0.05% hitting C$1.3160 from a session maximum of C$1.3198.
The currency pair USD/JPY inched up by up to 0.08% trading at Y111.12. As for AUD/USD, it managed to rally by 0.110% being worth $0.7112.
Additionally, the USD/TRY proceeded with its dive versus the US currency.
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.