Euro rises to an almost three-month high at 1.0950.
The Euro continues to gain ground versus the US Dollar.
Monday’s opening session for European stocks is largely conservative.This week’s major event will be the FOMC Minutes.
For the first time since the end of August, the Euro (EUR) continues its upward trend versus the US Dollar (USD) on Monday. Propelling EURUSD to new highs close to 1.0950.
The USD Index (DXY), which measures the performance of the Greenback, is still down and is testing the 200-day SMA. Which is significant, in the 103.60 range this morning in Europe.
Furthermore The Dollar’s ongoing downward trend originates amid slight fluctuations in US rates across the curve. And amid growing conjecture about probable rate reduction by the Federal Reserve (Fed) in the spring of 2024. The weaker than-expected PPI and CPI inflation readings that were announced last week have reinforced this conjecture.
Moreover Producer Prices in Germany fell 0.1% MoM in October. And 11.0% over the previous 12 months, according to the domestic docket.
The Conference Board’s Leading Index will be the sole noteworthy release in the US.
Daily Market movers: Euro aims to reach the 1.1000 mark.
Early on Monday, the EUR appears to be well-bid against the USD.
Moreover German and US yields seem a little bit bid.
The Fed is expected by markets to cut interest rates in the first quarter of 2024.
Traders anticipate the Rate hike to be delayed by the ECB.
There is a lot of speculation about FX intervention in the USDJPY market.
