EUR/USD inches up to fresh one-month high as the dollar eases slightly
EUR/USD moves up to just above 1.1900
The pair is up to its highest level since 30 June as buyers are trying to make it five consecutive days of gains now, pushing a little higher with euro area Q2 GDP data more upbeat on the balance of things today.
But the dollar is also losing a bit of ground across the board with GBP/USD now up 0.1% to 1.3975 from around 1.3950 earlier. Meanwhile, USD/CAD is trading back near the lows at 1.2430 from around 1.2440-50 levels at the start of the session.
So far, FX is playing its own game today with equities marked lower still. European indices are down between 0.4% to 0.8% mostly while S&P 500 futures are down 0.7%.
10-year Treasury yields are down 2 bps to 1.25% but so far the risk-off tones haven’t exactly deepened in European morning trade, so that is some comfort for risk trades.
Going back to EUR/USD, the pair sits in a good position to try and push towards the 100-day moving average (red line) next @ 1.1974, should buyers be able to seal a break above the 1.1900 level that is.
There are large expiries resting at the figure level today so that might keep gains in-check before they roll off later. But also, watch out for the fix today with month-end in focus.