EURUSD bounces from its lowest level in 16 months
Last Updated on November 16, 2021
EURUSD rose in the morning trading on Monday in the European market to be rebounded from its lowest level in 16 months in the process of recovery, and despite the improvement in the performance of the euro currency, it is still suffering from pressure due to the growing fears of the expansion of the divergence between monetary policy in both Europe and the United States.
EURUSD is rising in a limited range
The EURUSD pair traded at the level of $1.1463, adding about 0.2% from the opening level of today’s session at $1.1446, and it closed Friday’s trading, incurring less than 0.1% against the US dollar for the third consecutive day, and also recorded its lowest level in 16 months. for $1.1433.
At the end of last week’s trading, the single currency recorded the largest weekly decline against the US currency, incurring losses by 1.1%, following the inflation data that came at the fastest growth rate since 1990.
Pressures on the single currency are increasing with growing fears of a widening gap between monetary policies in Europe and the United States, especially in light of the growing expectations that the Federal Reserve will accelerate the pace of tightening its monetary policy to address the accelerating inflation rates. In contrast, the European Central Bank is unlikely to rush The tightening of monetary policy coincided with the slow recovery of European economic growth.
The US dollar is declining with the activity of corrections
The US dollar witnessed a decline against a basket of major currencies in the morning trading on Monday, recording the second consecutive daily loss, with the continuation of the activity of correction operations and profit-taking after hitting its highest level in 16 months earlier, and the markets are awaiting the release of the United States for more data. Which will give more indications about the future of monetary policy in the United States.
The dollar index traded at 94.96 points, losing about 0.2% from the opening level of today’s session at 95.12 points, moving away from its highest level in 16 at 95.27 points, which it recorded last Friday. It is also the largest weekly rise since last August.
The decline of the US dollar comes after the disclosure of weak economic data on consumer confidence in the US economy during the month of November
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