- EUR / USD continues to retreat and is approaching 1.1800.
- The euro without clear direction before the meeting of the European Central Bank.
- The DXY continues to rebound and is up 0.15% on Wednesday.
The The euro is losing ground for the third day in a row against the dollar, continuing the decline after testing levels above 1.1900 last week and on the day before the European Central Bank meeting. The pair fell to 1.1811, the lowest level in a week.
The decline in the EUR / USD is behind the continuation of the recovery of the dollar. Since the beginning of the week, the greenback has been going up. The DXY is advancing for the third day in a row and is at 92.65, the highest in six days. Treasury yields fall slightly while global equity markets trade in negative territory.
Light data from the US, the ECB is coming
On Wednesday in the US the report of job offers and the Beige Book of the Federal Reserve will be published. Also publicly speaking are John William of the New York Fed and Robert Kaplan of the Dallas Fed.
In the Eurozone, the focus is on the European Central Bank (ECB) which will announce its decision on Thursday. No changes in the interest rate are expected, but analysts point to risk of a “hawkish” bias. The staff will publish new macroeconomic estimates.
The behavior of the euro before the meeting is not being clear; Although it has weakened against the dollar, it remains bullish against the Swiss franc and the pound.
Technical 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.
