Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Greenback nurses losses as outlook is still wary
On Monday, the US currency slid versus a trade-weighted basket of currencies, having posted its biggest weekly descend for three weeks as hopes for American rate hikes dwindled further after dismal inflation data.
With Japanese second-quarter surge expanding 1% quarter-on-quarter, powered by soaring consumption as well as capital expenditure, traders stepped in to purchase risky assets after tensions over North Korea.
Revived risk appetite also encouraged market participants to borrow in relatively weak assets such as the greenback and the Swiss franc and invest in the common currency, which turns to be the best performing currency in the G10 FX universe.
Notwithstanding some near-term headwinds for the common currency after the recent soar, it’s set to go up versus the evergreen buck due to the relatively favorable economic outlook.
The common currency grew 0.1% hitting $1.1827 and it was approaching a 2-1/2 year maximum of 1.1910 reached earlier this month.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.