The euro today inched higher against the dollar as rising eurozone coronavirus cases continued to weigh on the single Currency amid mixed Inflation reports. The EUR/USD currency pair was trading sideways earlier today before surging higher boosted by positive comments from European Central Bank policymakers.
The EUR/USD currency pair today rallied from a low of 1.1694 in the early Frankfurt session to a high of 1.1739 in the
Comments from ECB Governing Council member, François Villeroy de Galhau that the bank’s current accommodative stance was appropriate fueled the pair’s rally. The greenback’s decline as tracked by the US Dollar Index, which hit a high of 93.59, also contributed to the pair’s rally.
The currency pair’s future performance is likely to be affected by the release of US retail sales data at 12:30 GMT.
The EUR/USD currency pair was trading at 1.1736 as at 12:05 GMT having rallied from a low of 1.1694. The EUR/JPY currency pair was trading at 123.57 having risen from a low of 123.11.
© SimonMugo for Forex News, 2020. |
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Post tags: Coronavirus, CPI, EUR/JPY, EUR/USD, European Central Bank, Eurostat, Eurozone, Francois Villeroy de Galhau, Inflation, Market Sentiment, US Dollar Index, US Presidential Election
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