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The US dollar was seen trading mixed, although the dollar index was seen trading weaker. Lack of economic data and fresh news on the trade narrative kept prices mostly subdued on the day. Investors weigh in on the prospects of a Fed rate cut. The Fed is due to meet next week.
Euro Maintains Gains on Weak USD
The single currency was seen holding on to its gains on Monday. Lack of economic data from the Eurozone saw most of the flows due to a weaker USD. Following Friday’s weak jobs report, the dollar attempted to rise to intraday highs before giving up those gains.
Can the EURUSD Continue to Trend Higher?
The currency pair initially slipped on Monday’s open, but price was seen recovering by the day’s close. EURUSD will need to close above the recent pivot highs of 1.1338 in order to post further upside in price. With the Stochastic Oscillator looking bullish, this could be the short-term bias for the moment...
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