Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Greenback nurses losses on weak US data
On Thursday, the evergreen buck nursed losses, following dismal American inflation data, which left traders wondering if the US major bank would be able to follow up its latest rate lift with another later in 2017.
Deepening political turmoil in the USA also applied pressure on the American currency as well as US Treasury yields. The Washington Post informed that Donald Trump is being currently investigated by special counsel Robert Mueller for hypothetical obstruction of justice.
The dollar index, gauging the American currency versus a basket of six counterparts, dropped, trading at 96.915, although above its overnight minimum of 96.323, reached after dismal economic figures.
Against its Japanese rival the greenback shrugged off earlier losses and stood still at 109.54 yen, which is higher than Wednesday's eight-week minimum of 108.81 yen.
The common currency didn’t change, keeping to $1.1217, which is below a seven-month high of $1.1296 scaled overnight.
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.