The Euro US Dollar (EUR/USD) exchange rate has edged lower during the start of this morning’s session after the Federal Reserve took a more positive outlook surrounding the US Dollar’s economic recovery.
At the time of writing the EUR/USD paring are trading at around $1.2115 as an increase in German unemployment did nothing to support the single currency.
Euro (EUR) Weakens as Eurozone Consumer Confidence Remains in Contraction
The Euro has weakened against the US Dollar slightly this morning as Eurozone consumer confidence remained in contraction at -8.1 for April.
More so, despite the latest Eurozone economic sentiment indicator jumping to 110.3 in April 2021, above pre-pandemic level for the first time since the outbreak of COVID-19 the Euro could not find any meaningful support against its rival.
The Euro US Dollar exchange rate is benefiting today following on from positive Eurozone PMI data released earlier this morning.
At the time of writing, the Euro US Dollar pairing are trading at around $1.1985 as markets await an update on President Joe Biden’s proposed infrastructure spending.
Euro (EUR) Investors Upbeat Following Eurozone Composite PMI
The Euro found itself steadily rising against the US Dollar today following a positive composite PMI from the Eurozone for March.
The Eurozone composite PMI edged up to 53.2 points during March, the highest level since July 2020, and the second-fastest increase in private sector output in two-and-a-half years.
The Euro US Dollar exchange rate is strengthening today following the European Central Bank’s (ECB) decision to keep interest rates unchanged in its most recent policy meeting.
At the time of writing, the Euro US Dollar pairing are trading at around $1.1968 as the global market mood is more upbeat following President Joe Biden’s stimulus package being passed through Congress.
Euro (EUR) Investors Remain Cautious Following ECB Comments
The Euro found itself steady today following on from the ECB’s decision to keep interest rates at 0%.
However EUR investors remain cautious after the ECB announced it will accelerate the pace of its bond-buying programme