- EUR/USD pegged a fresh 15-week high after testing just above the 1.1000 major handle.
- The pair is settling back as Tuesday's trading session wraps up and heads into the close.
- Wednesday brings Eurozone Consumer Confidence, US GDP growth.
The EUR/USD is easing back into the 1.0980 neighborhood after tipping into a 15-week high just above 1.1000, bolstered by a broad-market uptick in risk appetite, pushing the US Dollar (USD) down across the board and into the red against all other major currencies on Tuesday.
Fed’s Waller: I am increasingly confident that policy is currently well positioned
Markets mixed in the first half of Tuesday's trading before markets surged in the US session, with risk bids climbing and the Greenback facing a selloff after Federal Reserve (Fed0 Governor Christopher Waller noted that he was confident that monetary policy is tight enough to bring inflation back down to 2%.
Waller went on to note that he sees no reason to maintain elevated interest rates as long as inflation continues to settle lower, sparking a risk rally that saw the broader market lurch higher, dragging down the US Dollar.
Wednesday brings a fresh round of Eurozone Consumer Confidence and November's Economic Sentiment Indicator, as well as another printing of quarterly US Gross Domestic Product (GDP) growth.
Eurozone Consumer Confidence is expected to hold steady at -16.9 for November, while the Economic Sentiment Indicator, a measure of European consumers' confidence in the European economy, is forecast to see a slight uptick from October's 93.3 to 93.7.
US GDP for the third quarter will be the figure to watch on Wednesday, and the US is expected to see QoQ GDP growth tick upwards from 4.9% to 5.0%.
Japanese Yen price today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.28% | -0.47% | -0.25% | -0.49% | -0.68% | -0.50% | -0.25% | |
| EUR | 0.28% | -0.19% | 0.03% | -0.21% | -0.38% | -0.22% | 0.04% | |
| GBP | 0.46% | 0.19% | 0.23% | -0.02% | -0.20% | -0.03% | 0.23% | |
| CAD | 0.23% | -0.06% | -0.25% | -0.27% | -0.43% | -0.27% | -0.02% | |
| AUD | 0.51% | 0.21% | 0.04% | 0.26% | -0.17% | 0.01% | 0.28% | |
| JPY | 0.66% | 0.38% | 0.20% | 0.42% | 0.17% | 0.16% | 0.43% | |
| NZD | 0.50% | 0.20% | 0.03% | 0.26% | -0.01% | -0.17% | 0.26% | |
| CHF | 0.23% | -0.06% | -0.24% | -0.01% | -0.26% | -0.45% | -0.27% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
EUR/USD Technical Outlook
The Euro's rally fueled by Greenback-selling across the broader FX marketspace saw the EUR/USD clipping into the 1.1000 handle before settling back into the Tuesday close, but still climbing three-tenths of a percent on the day.
The EUR/USD easily broke through the 200-day Simple Moving Average (SMA) in mid-November near the 1.0800 handle, and ongoing EUR bullishness is sending the pair steadily higher as the USD waffles.
The pair has potentially climbed too far, too fast with the 50-day SMA still trading well below prices and in bearish territory, and the moving average is currently rotating towards the topside from just north of 1.0650.
The Relative Strength Index (RSI) is flashing warning signs that the EUR/USD may have gone too far, too quickly with the signal line testing into the overbought boundary line, and the pair could see an extended pullback if bears are able to capitalize on any profit-taking.
EUR/USD Daily Chart
EUR/USD Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD: Further declines remain well in store
EUR/USD broke below the key 1.0500 support to clock a new 2024 low, always on the back of the intense strength in the Greenback, which sent the US Dollar Index (DXY) to fresh yearly peaks past 107.00 ahead of key US data releases on Friday.
GBP/USD reclaims the 1.2700 barrier and above
In line with the rest of its risk-related peers, GBP/USD leaves behind the initial drop to multi-month lows near 1.2630 and attempts a move beyond 1.2700 the figure amidst renewed weakness in the Greenback.
Gold trims early losses hovers around $2,575
The loss of momentum in the US Dollar and the retracement in US yields across the curve allow Gold prices to pick up some upside traction and revisit the $2,570 zone per ounce troy, trimming part of their early losses.
Dogecoin Price Prediction: Could DOGE turn deflationary after 100% rise? Elon Musk weighs in
Dogecoin (DOGE) is down 4% on Thursday after key figures, including Elon Musk, shared views on its token design and what a deflationary path could mean for its appeal as a currency.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.