EUR/USD retreats from 4-week high as Greenback gains strength
The post EUR/USD retreats from 4-week high as Greenback gains strength appeared on BitcoinEthereumNews.com. The Euro weakens against the US Dollar on Monday, with EUR/USD slipping below the key 1.1700 level as the Greenback regains strength. Germany’s latest IFO survey showed improved business expectations but a weaker assessment of current conditions. Traders eye upcoming data from both the US and Eurozone, including inflation and consumer spending figures, for fresh direction on EUR/USD. The Euro (EUR) weakens against the US Dollar (USD) on Monday, with EUR/USD falling back below the 1.1700 psychological level as the Greenback picks up modest strength following last Friday’s sharp slide driven by Federal Reserve (Fed) Chair Jerome Powell’s dovish remarks at the Jackson Hole Symposium. EUR/USD is easing off a four-week high of 1.1742 reached on Friday. At the time of writing, the pair is trading near 1.1646, down around 0.60% on the day. Meanwhile, the US Dollar Index (DXY) — which measures the Greenback against a basket of six major currencies — is edging higher after falling nearly 1% on Friday in the wake of Powell’s dovish remarks. The index has reclaimed the 98.00 handle and is currently trading around 98.23, up approximately 0.50% on the session, as the Greenback finds renewed demand across the board. Monday’s pullback in the Euro comes despite mixed economic data out of Germany. The IFO Business Climate Index rose to 89.0 in August, beating the consensus forecast of 88.6 and improving from July’s reading of 88.6. The Current Assessment index, however, slipped to 86.4, falling short of the expected 86.7 and down from 86.5 previously. In contrast, the Expectations component jumped to 91.6, well above the forecast of 90.2 and up from 90.8 in July. While the data reflected underlying resilience in the German economy, it failed to provide meaningful support for the Euro. Adding to the cautious tone around the Euro, European…
The post EUR/USD retreats from 4-week high as Greenback gains strength appeared on BitcoinEthereumNews.com.
The Euro weakens against the US Dollar on Monday, with EUR/USD slipping below the key 1.1700 level as the Greenback regains strength. Germany’s latest IFO survey showed improved business expectations but a weaker assessment of current conditions. Traders eye upcoming data from both the US and Eurozone, including inflation and consumer spending figures, for fresh direction on EUR/USD. The Euro (EUR) weakens against the US Dollar (USD) on Monday, with EUR/USD falling back below the 1.1700 psychological level as the Greenback picks up modest strength following last Friday’s sharp slide driven by Federal Reserve (Fed) Chair Jerome Powell’s dovish remarks at the Jackson Hole Symposium. EUR/USD is easing off a four-week high of 1.1742 reached on Friday. At the time of writing, the pair is trading near 1.1646, down around 0.60% on the day. Meanwhile, the US Dollar Index (DXY) — which measures the Greenback against a basket of six major currencies — is edging higher after falling nearly 1% on Friday in the wake of Powell’s dovish remarks. The index has reclaimed the 98.00 handle and is currently trading around 98.23, up approximately 0.50% on the session, as the Greenback finds renewed demand across the board. Monday’s pullback in the Euro comes despite mixed economic data out of Germany. The IFO Business Climate Index rose to 89.0 in August, beating the consensus forecast of 88.6 and improving from July’s reading of 88.6. The Current Assessment index, however, slipped to 86.4, falling short of the expected 86.7 and down from 86.5 previously. In contrast, the Expectations component jumped to 91.6, well above the forecast of 90.2 and up from 90.8 in July. While the data reflected underlying resilience in the German economy, it failed to provide meaningful support for the Euro. Adding to the cautious tone around the Euro, European…
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