EUR / USD extends daily rally to new multi-week highs above 1.1940


Get real time updates directly on you device, subscribe now.

  • EUR / USD continues to rise during US trading hours.
  • The US dollar index fell below 92.00 after a previous bounce.
  • The core CPI in the US rose to 1.6% in March.

After spending the first half of the day in a relatively tight range below 1.1900, the pair EUR/USD it gained traction during the US session and hit its highest level in three weeks at 1.1945. At time of writing, the pair was up 0.25% on the day at 1.1940.

DXY falls below 92.00

The market valuation of the USD continues to be the main driver of the movements of the EUR / USD. Hours earlier, the more than 1% rise seen in the 10-year US Treasury yield helped the dollar outperform its rivals and the US dollar index (DXY) advanced to a daily high of 92.32.

However, the monthly report released by the US Bureau of Labor Statistics showed that the Basic Consumer Price Index (CPI) rose to 1.6% annually in March and triggered a sell-off in USD. Currently, the DXY is down 0.17% on the day to 91.92 and remains on track to close the second day in a row in negative territory.

On the other hand, the euro zone ZEW economic sentiment fell to 66.3 in April from 74 and disappointed the market expectation of 73.2. Similarly, the German ZEW Economic Sentiment Index declined to 70.7 from 76.6. However, the negative impact of this disappointing data on the shared currency remained short-lived.

On Wednesday, Eurostat will release February industrial production data for the euro area. Later in the day, FOMC Chairman Jerome Powell and New York Fed Chairman John Williams will deliver speeches.

Technical levels


Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.