- Dollar rises waiting for Powell’s speech.
- The euro gains momentum in the market and marks maximums on all fronts.
- Ahead: ECB minutes, US growth and unemployment benefit data.
The EUR / USD extended the slow advance and rose to 1.1776, reaching the highest level in a week. The pair, in line with most of the market crosses, moves with limited routes and strengthened in the last hours by a general rise in the euro.
The common currency hit highs on almost all fronts in the last hour, in addition to erasing losses against the dollar. Both currencies are among the best performing on Thursday, amid limited volatility. The big traders seem to be waiting for the speech of Jerome Powell, the chairman of the Federal Reserve, from the Jackson Hole symposium, which begins today.
At 11:00 GMT the minutes of the last monetary policy meeting of the European Central Bank will be published. Then it will be the turn of the US data at 12:30 GMT with the weekly report of unemployment benefit requests and the GDP growth data during the second quarter, which was expected to be 6.7%. It is the second estimate.
EUR / USD: Bullish but limited
The pair maintains a bullish tone in the short term, especially after the break and the support above 1.1750. The rises are being limited and at a moderate pace. The next strong barrier is around 1.1800 / 05. If this last hurdle is overcome, the euro will be positioned for a prolongation of earnings.
In the opposite direction, the EUR / USD has a relevant support in the 1.1750 / 55 band and a confirmation below, it will point to some weakness of the euro. The next support is at 1.1725 and below that the 1.1700 area will be exposed.
Technical levels
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