- EUR / USD remains on track to close in positive territory.
- The US dollar index remains below 90.00 during the American session.
- The focus shifts to GDP data and the German IFO survey.
After spending most of the day in a relatively tight range below 1.2200, the pair EUR/USD It gained traction during US business hours and hit a daily high of 1.2230 before entering a consolidation phase. At time of writing, the pair was up 0.3% on the day at 1.2215.
Renewed USD weakness in the second half of the day appears to be helping EUR / USD rise. In the absence of significant fundamental drivers, risk perception continues to impact the dollar’s performance against its rivals. With the major Wall Street indices opening sharply higher, the US dollar index declined and was last seen losing 0.15% to 89.88. Meanwhile, the S&P 500 and Nasdaq Composite indices were up 1.1% and 1.75%, respectively.
The only US data revealed on Monday that the Chicago Fed’s national activity index fell to 0.24 in April from 1.71.
On Tuesday, Germany’s first quarter Gross Domestic Product (GDP) data will be analyzed for fresh momentum. Investors expect the German economy to contract 3% annually. In addition, the business climate, expectations and current assessment components of IFO’s monthly survey will also be released.
Additional levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
