- EUR / USD recovered modestly after falling to the 1.1700 zone.
- The US Dollar Index remains in positive territory above 93.20.
- The 10-year US Treasury yield is clinging to modest daily gains.
The pair EUR/USD It fell to a daily low of 1.1701 at the beginning of the US session, but managed to erase a large part of its daily losses. At time of writing, the pair was down 0.1% on the day at 1.1725 and was on track to end the week virtually unchanged.
US stocks remain resilient on Friday
Hours earlier, data from Germany showed that the IFO – Business Climate Index dropped to 98.8 in September, falling short of the market expectation of 100.4, and this reading weighed on the shared currency. Additionally, IFO’s current assessment index is down 100.4 from 101.4 in August.
On the other hand, the risk averse market environment allowed the dollar to continue to outperform its rivals in the first half of the day. However, with major Wall Street indices hovering near Thursday’s closing levels, the US Dollar Index (DXY) struggled to preserve its bullish momentum and helped EUR / USD rebound. Currently, the DXY, which touched a session high of 93.42, is up 0.2% to 93.27.
Meanwhile, aggressive comments from Fed officials continue to support the dollar. Kansas City Fed Chair Esther George said Friday that the criteria for the bond reduction have been met. On a similar note, Cleveland Fed Chair Loretta Mester said she supports starting to reduce asset purchases in November.
Technical levels
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