EUR/USD Correction in Progress: Overview for February 07, 2024
The downward momentum of the EUR/USD pair has come to a pause. The post EUR/USD Correction in Progress: Overview for February 07, 2024 appeared first at R Blog - RoboForex.
The downward momentum of the EUR/USD pair has come to a pause.
On Wednesday, the primary currency pair exhibits a more stable performance compared to the previous day, with the current EUR/USD exchange rate standing at 1.0763.
While the US dollar remains close to its three-month highs, its aggressive stance has softened, experiencing nearly a 1.5% decrease over the past two days.
The easing pressure on the EUR/USD pair is attributed to declining yields on US treasury bonds.
Retail sales in the eurozone recorded a 0.8% year-on-year decline in December, following a 1.1% drop the previous month, contrary to the anticipated more significant decrease. This unexpected trend may act as a localized inflationary indicator and subtly impact the EUR negatively.
With little notable statistical data currently released, attention is directed towards the US trade balance report for December scheduled for today.
The post EUR/USD Correction in Progress: Overview for February 07, 2024 appeared first at R Blog - RoboForex.