EURUSD rises as “Janet Yellen” testimony awaits
EURUSD rebounded in Tuesday morning trading in the European market, to trade above its lowest…
EURUSD fell on Wednesday morning in the European session, recording the first daily loss, this decline comes with the increasing demand of investors to buy the US currency as the best safe and alternative investment, in addition to the relatively strong data for the manufacturing and service sectors, which will show This data is the extent of the economic recovery of the euro area during the second quarter of 2021.
The EURUSD pair traded at the $1.1916 level, down by 0.2% from the $1.1938 opening level of today’s session.
The single currency closed yesterday’s trading, up 0.2% against the US dollar for the second day in a row, within the recovery process from its lowest level in two months at $1.1847.
Eurozone trade and economic activity continued to improve during June, as many European countries continued to reopen, according to the data, Eurozone services PMI rose from 55.2 points in May to 58.0 points in June, this increase was better than The average estimate of 57.8 points, also the highest in more than 40 months, similarly, the manufacturing PMI rose from the level of 62.2 points in May to the level of 62.2 points in June, in total, the composite PMI rose to the level of 59.2 points in June, hitting a 15-year high.
The recovery of the Eurozone is due to the relatively strong demand from domestic and foreign buyers, at the same time, average prices of goods and services rose at the fastest pace since 2002, and optimism increased among the business community, indicating that most of them will continue to hire and possibly raise wages.
The manufacturing PMI rose from 64.4 points to 64.9 points in Germany, while it fell from 59.4 points to 58.6 points in France.
The EURUSD is also reacting to the Fed Chairman’s relatively docile statement on Tuesday, in testimony to Congress that Powell said the Fed is ready to do whatever it takes to ensure the economy is doing well, many analysts considered this a relatively dovish statement a few days later. From the Federal Reserve’s signal to tighten in the coming years.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
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