Saturday, 11 July 2020
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
EUR/USD tops 1.12 amid risk-on mood, ahead of data
Wednesday, 3 June 2020 13:51 WIB | CURRENCIES | Euro

EUR/USD is trading around 1.12, the highest since March. The safe-haven dollar is weakening amid optimism for reopening and stimulus, shrugging off civil unrest. Services PMIs from both sides of the pond and ADP's jobs report are both eyed.

A broad-based US dollar weakness remains the dominant theme in the FX market amid growing hopes for a global economic recovery, especially after the easing of lockdown restrictions in major economies. The optimism persisted despite heightened concerns over US-China tensions and civic unrest across the US over the death of a black man in police custody. The upbeat market mood continued denting the greenback's perceived safe-haven demand.

On the other hand, the shared currency added to its recent strong gains that came after the European Union Commission proposed a €750 billion coronavirus recovery fund. This, in turn, allowed the EUR/USD pair to prolong its recent bullish momentum and gain some follow-through traction for the seventh straight session on Wednesday. The pair reclaimed the 1.1200 mark during the Asian session and touched its highest level since mid-March.

Moving ahead, market participants now look forward to the final Eurozone PMI prints for some impetus. Later during the early North American session, a duo of important US macro data might influence the USD price dynamics. Wednesday's US economic docket highlights the release of ADP report on private-sector employment and ISM non-manufacturing PMI. Adding to this, headlines coming out of the G7 conference might further produce some meaningful trading opportunities.

The key focus, however, will remain on the upcoming European Central Bank (ECB) meeting on Thursday. This coupled with Friday's release of the closely watched US monthly jobs report (NFP) will play a key role in determining the pair's next leg of a directional move.

Source : FXStreet.com

RELATED NEWS
Yen Rises on Renewed Surge In Virus Cases; Dollar Index Falls...
Friday, 10 July 2020 23:28 WIB

The safe-haven Japanese yen climbed to a two-week peak against the dollar on Friday, lifted by concerns about a surge in coronavirus infections in the United States and around the world. The yen was o...

Japanese Yen Gains as Virus Caution Weighs...
Friday, 10 July 2020 15:52 WIB

The dollar paused on Friday as concerns about a surge in coronavirus infections in the United States and elsewhere supported the safe haven Japanese yen, while risk-sensitive currencies lost ground. ...

Dollar rises from four-week low as US stocks retreat...
Thursday, 9 July 2020 23:28 WIB

The dollar rallied from a four-week low in choppy trading on Thursday, enhancing the greenback's safe-haven appeal, as U.S. stocks fell with market sentiment turning cautious as the United States hit ...

Dollar Gives Ground to Higher-Risk Currencies as Chinese Shares Soar...
Thursday, 9 July 2020 15:12 WIB

The U.S. dollar fell against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency. China's yuan rose ...

Dollar Retreats Over Increased Hopes of Economic Recovery...
Thursday, 9 July 2020 13:16 WIB

The dollar was down on Thursday morning in Asia, with investors retreating from the safe-haven asset over increased hopes of an economic recovery. Corporate earnings from U.S. companies such as Apple...

LATEST NEWS
Hong Kong Stocks End With Deep Losses

Hong Kong stocks closed sharply lower Friday, in line with an Asia-wide sell-off, with investors also spooked by fresh infections in the city that have led to the reimposition of containment measures including school closures. The Hang Seng Index...

Oil climbs, but U.S. benchmark ends lower for the week as IEA warns of coronavirus risk

Oil futures climbed on Friday, buoyed by positive results tied to a COVID-19 treatment, but U.S. prices ended lower for the week as a report from the International Energy Agency cautioned that weaker demand caused by the coronavirus pandemic will...

Gold futures end lower for the session, but tally a 5th straight weekly gain

Gold futures ended lower on Friday, pulling back in the wake of the nearly nine-year high they reached earlier this week. Prices for the week, however, gained roughly 0.7%, as the spread of COVID-19 continued to raise the metal's appeal as a...

POPULAR NEWS
Gold futures up a fourth straight session to mark another finish at the highest since 2011
Thursday, 9 July 2020 01:11 WIB

Gold futures climbed for a fourth straight session on Wednesday to mark another finish at their highest since September 2011. The move for gold...

Gold futures pull back from a fresh 9-year peak, but hold above $1,800 an ounce
Friday, 10 July 2020 01:31 WIB

Gold futures ended lower on Thursday, pulling back a day after scoring another settlement at the highest since September 2011, but the haven metal...

Gold Futures Slip, Set to Take a Breather after Carving Out Fresh 9-Year Peak
Thursday, 9 July 2020 18:57 WIB

Gold futures edged back early Thursday, giving up some of its gains after the precious metal scored another settlement at the highest since...

Gold Rally to $1,800 Sees ETF Inflows Exceed Full-Year Record
Wednesday, 8 July 2020 15:53 WIB

Gold allure is only getting stronger as 2020 unfolds. Spot prices reached $1,800 an ounce and year-to-date inflows into bullion-backed...