- EUR / USD is having a hard time making a decisive move in either direction.
- The US dollar index consolidates after posting gains on Monday.
- The major Wall Street indices appear to open modestly higher.
The pair EUR/USD It advanced to a session high of 1.1570 during European trading hours, but was unable to preserve its bullish momentum. At time of writing, the pair was virtually unchanged on the day at 1.1552.
Markets remain calm ahead of key events on Wednesday
In the absence of major fundamental drivers, major pairs fluctuate in tight ranges. Furthermore, investors appear to choose to remain cautious as they await Wednesday’s US Consumer Price Index (CPI) data and FOMC Meeting Minutes.
Meanwhile, US stock index futures rose between 0.1% and 0.35% before the opening bell. Should risk flows begin to dominate financial markets in the second half of the day, the dollar could struggle to find demand. Currently, the US dollar index records small daily losses at 94.31. However, the EUR / USD is unlikely to break out of the horizontal channel that appears to have formed between 1.1550 and 1.1600.
Earlier in the day, US data showed that the NFIB Business Optimism Index dropped to 99.1 in September from 100.1 in August, but investors paid little or no attention to this reading.
On the other hand, the member of the Governing Council of the European Central Bank (ECB) and director of the Bank of France, Francois Villeroy de Galhau, said on Tuesday that uncertainty in the eurozone shifted from growth prospects to inflation prospects.
Technical levels
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