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EUR/USD:1.1432+0.0024+0.21%
Natural Gas:1.7285+0.0075+0.44%
Gold:1,809.18+10.920+0.61%
GBP/JPY:134.44-0.1515-0.11%
Bitcoin:9,266.88+46.990+0.51%
Crude Oil:40.675-0.0950-0.23%
S&P 500:3,215.50+11.750+0.37%
AUD/USD:0.6994-0.0005-0.07%
Ethereum:240.98+2.2300+0.93%
Silver:19.369+0.2215+1.16%
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Ripple:0.1995+0.0021+1.06%
EUR/USD Daily Forecast – Euro Remains Well Bought on DipsA dip in EUR/USD was short-lived and the pair is once again near four-month highs.
Jignesh Davda
Jignesh Davda
6 hours ago (Jul 17, 2020 9:53 AM GMT)
EUR/USD
EUR/USD initially fell lower on Thursday but has recovered a bulk of the loss and is seen trading near highs not seen since March.
The single currency is he strongest performer among the majors in the week thus far and has gained about 1% versus the greenback.
New virus cases in the US continue to rise at a rapid clip although the markets do not appear too concerned, and remain optimistic that further progress will be made towards finding a cure.
The S&P 500 briefly touched highs not seen since February earlier in the week but has since fallen into a sideways range. Swings in the equity markets are important to EUR/USD traders considering the two assets have had a strong correlation as of late.
Propping up the European equity markets is the expectation that the European Union will finalize the details of the recovery fund over the weekend. The fund is worth 750 billion euros and aims to assist the economy to return back where it was before the virus hit.
The latest inflation report from Europe showed a rise to 0.3% in the annual inflation rate, up from 0.1% but down from 1.3% a year earlier.