Euro looks bid and approaches 1.0900

The Euro (EUR) leaves behind part of the multi-day decline against the US Dollar (USD) on Monday and motivates EUR/USD to shift its focus to the immed

Stocks in Europe starts the week in a strong fashion.The USD Index comes under pressure and revisits 103.30.The US docket is empty at the beginning of the week.EUR/USDIn the meantime, the Greenback extends the corrective knee-jerk after hitting new peaks for the month of August near 103.70 last Friday and relegates theto the 103.30 region despite the move higher in US yields early in the European trading hours.

Moving forward, markets are expected to maintain a cautious approach in light of the Jackson Hole Symposium and Chief Jerome Powell’s speech in the second half of the week. EUR/USD manages to stage a decent rebound with the immediate target at the 1.0900 barrier at the beginning of a new trading week. Despite the current bounce, the pair is still seen under pressure.

Furthermore, the positive outlook for EUR/USD remains valid as long as it remains above the important 200-day SMA.The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.Eurozone inflation data, measured by the Harmonized Index of Consumer Prices , is an important econometric for the Euro.

Economic data for the four largest economies in the euro area are especially significant, as they account for 75% of the Eurozone’s economy.Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period.

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