EUR/USD is advancing toward 1.1100 on broad-based USD weakness. US Dollar Index fell to its lowest level since late March below 98.40. Number of Americans receiving unemployment benefits fell to 21 million. The EUR/USD pair dropped below 1.1000 during the European trading hours but staged a decisive rebound in the second half of the day. As of writing, the pair was trading at its highest level in eight weeks at 1.1088, gaining 0.77% on a daily basis. Earlier in the day, the data published by the European Commission showed that the Consumer Confidence Index in the euro area edged higher to -18.8 from -22. However, the Business Climate Index fell to -2.43 from -1.99 and didn’t allow the shared currency to gather strength against its rivals. DXY extends slide on Thursday In the second half of the day, improving risk sentiment weighed on the greenback and helped the pair push higher. Despite the mixed macroeconomic data releases from the US, Wall Street’s main indexes built on early gains and were last up between 0.65% and 1.2% on the day. Meanwhile, the US Dollar Index (DXY) at its lowest level since late March at 98.38, losing 0.55%. The US Bureau of Economic Analysis’ second estimate showed that the US economy is expected to contract by 5% in the first quarter of the year. Although this reading came in worse than the market expectation for a decline of 4.8%, the Department of Labor’s (DOL) weekly data boosted the risk appetite. The DOL said the number of Americans receiving unemployment benefits fell to 21 million in week ending May 16th from nearly 25 million in the previous week. Moreover, the Durable Goods Orders in the US declined by 17.2% in April to beat analysts’ estimate for a fall of 19%. On Friday, the Consumer Price Index (CPI) for the eurozone and the Retail Sales data for Germany will be featured in the European economic docket. In the second half of the day, Personal Spending, Personal Income and Goods Trade Balance figures will be released from the US. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI oil prices rally on gasoline demand and hopes of output cuts’ extension FX Street 3 years EUR/USD is advancing toward 1.1100 on broad-based USD weakness. US Dollar Index fell to its lowest level since late March below 98.40. Number of Americans receiving unemployment benefits fell to 21 million. The EUR/USD pair dropped below 1.1000 during the European trading hours but staged a decisive rebound in the second half of the day. As of writing, the pair was trading at its highest level in eight weeks at 1.1088, gaining 0.77% on a daily basis. Earlier in the day, the data published by the European Commission showed that the Consumer Confidence Index in the euro area edged higher… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
