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EURUSD declines on Tuesday morning in the European market, to resume its losses which were halted yesterday as part of the recovery from the three-and-a-half-month low recorded earlier in trading.
This comes with investors buying the US dollar as the best safe and alternative investment, and the attention of financial markets is heading towards the Federal Reserve’s meeting, which will meet today, Tuesday, to issue its decisions tomorrow, Wednesday, and is expected to contain more evidence about the future of monetary policy in the United States.
EURUSD traded at the level of $1.1770, up by 0.3% from the opening level of today’s session at $1.1803, and the single currency closed yesterday’s trading, adding about 0.3% against the US currency, recording the first daily rise in recovery from its lowest level in three months And a half at $1.1752, which is recorded earlier in last week’s trading.
The US dollar rose against a basket of major currencies, trading near its highest level in three and a half months, and markets attention is shifting towards the Federal Reserve meeting, which is likely to contain more clues about the future of monetary policy in the US.
The dollar index traded at 92.703 points, up by 0.1%, to trade near its highest level in three and a half months at 93.194 points.
The demand for buying the US currency increased in light of the growing fears of the renewed spread of the Coronavirus, which led to the reluctance of investors to risk.
The Federal Reserve is scheduled to start its two-day periodic meeting, to issue its decisions tomorrow, Wednesday, and expectations indicate that the bank will keep its monetary policy unchanged, and its final statement is likely to contain indications about the timing of the bank’s reduction of its stimulus program, especially With the acceleration of inflation in the United States.
Later in the day, the US economy is expected to release the CB Consumer Confidence Index for July, and the index is expected to record 123.9 points, compared to June’s 127.3 points.
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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