EURUSD resumes its decline in light of the increase in US Treasury yields
Last Updated on April 20, 2021
EURUSD resumed its losses in the morning trading of the European market, it is heading towards recording its first daily, these losses come in light of the return of the US dollar to the rise, driven by strong ten-year bond yields.
The EURUSD pair opened today’s session at $ 1.1909, to witness a decline of 0.25% and trade at $ 1.1882, after closing yesterday’s trading, achieving a rise of 0.1%, driven by strong economic data from the eurozone.
EURUSD affect economic data
The European economy announced strong data yesterday on retail sales during the month of February, and sales rebounded even as countries imposed closures in an attempt to stop the spread of the Coronavirus, according to the data, total retail sales rose 3.0% in February after collapsing 5.2% in January. This bounce is better than the average estimate of 1.5%.
Sales were down 2.9% year-on-year, up from the prior 5.2%, and better than the median estimate of -5.4%.
It has been reported that European Union countries are ramping up their vaccination campaign, as the bloc leaders hope to vaccinate 50% of the adult population by late July this year. This is still a slower pace than the United States and the United Kingdom, which have already vaccinated 48% and 33% of their population, It also depends on the smooth supply of vaccines from manufacturers such as Pfizer and AstraZeneca.
The US dollar is rising ahead of the main inflation data
The US dollar rose against most of the major currencies, driven by the increase in US Treasury yields, and markets are awaiting the release of the US economy later in the day, the main inflation data for March.
The dollar index traded at 92.21 points, up by 0.1%.
The yields of the US Treasury 10-year bonds increased by about two points to reach more than 1.69% and despite the current increase.
The United States is set to release US inflation numbers during March later in the day. Analysts are optimistic that consumer prices rose sharply in March as more countries reopen. Moreover, the $ 1.9 trillion stimulus package helped boost prices.
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