EURUSD pares its losses from the previous day, trading higher at 1.0860.
The EURUSD pares its losses from the previous day, trading higher at 1.0860 on Wednesday. The EURUSD pair is seeing slight gain as a result of the Greenback’s decline and falling US Treasury rates.
EURUSD Traders are wary ahead of the publication of PMI data.
The Euro has been under pressure as a result of China’s economic difficulties, but any indications of prospective fiscal stimulus might provide assistance. EURUSD traders are being cautious ahead of the publication of preliminary PMI data from the Eurozone, Germany, and the United States later in the week.
Dollar Index (DXY), which measures the strength of the US dollar against six important currencies, gained ground on Tuesday. However, a drop in US Treasury rates and disappointing US housing statistics placed pressure on the US Dollar (USD). The DXY is trading sideways at 103.50 at the time of writing.
In July, US Existing Home Sales (YoY) fell 2.2% to 4.07 million, falling short of estimates of 4.15 million. The Richmond Fed Manufacturing Index rose from -9 to -7 in August, matching market forecasts. Market players will be watching the approaching Jackson Hole annual symposium, which begins on Thursday, closely followed by Fed Chair Powell’s address on Friday. These events will give insights into the United States. economy, providing new momentum for trading in the EURUSD pair.
