Euro dollar fundamental overview
This session, the market’s cautious attitude is supporting the US dollar and making it difficult for the fiber to capitalize on Tuesday’s gains.
Meanwhile, data from Germany showed that the IFO German business confidence index rose to 89.4 in April from 87.9, while the German current situation assessment index rose to 88.9 from 88.1. While these releases failed to give a boost to the EURO, they appear to be helping fiber.
In the early afternoon, orders for durable goods for the month of March were released, which saw a release slightly higher than analysts’ expectations (2.6% vs 2.5%) but significantly higher than the previous month (0.07%) . The release gave a bullish boost on the US dollar which led the euro dollar to fall below the key 1.0700 level.
Investors will also continue to pay close attention to how US stocks will move, as a continuation of the rally could put further weight on the dollar’s shoulders.
