EUR/USD moves toward 1.1750 ahead of key US, EU data
- EUR/USD offers no respites and slides lower on Tuesday.
- US Dollar Index pares initially losses and stands tall near 93.00.
- The Euro losses ground on risk aversion, GDP data eyed.
The buying tone surrounding the US dollar keeps EUR/USD edgy on the Tuesday morning session. After touching the low of 1.1753, the pair opened higher on Monday near 1.1800 but failed to preserve the momentum.
At the time of writing, the EUR/USD is trading at 1.1768, down 0.08% on the day.
The US Dollar Index (DXY), which tracks the performance of the greenback against the six majors, remains strong at 92.70 with 0.09% gains. Expectations of early tapering by the US central bank continued to provide support for the greenback near the lower levels.
The single currency is weighed down by the downbeat economic data and general risk-off mood. The Eurozone Trade Surplus narrowed in June whereas Industrial Production fell 0.3% in June as compared to market expectations of 0.2% drop.
Investors turn their attention to Euro Gross Domestic Product (GDP), Employment change data, and the US Retails Sales data to take trade insight.
EUR/USD additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
