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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

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