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© Reuters.
The currency pair experienced a rebound, moving above the significant level of 1.0900 after an initial drop to 1.0881 during European trading hours today. This movement came as the US dollar showed signs of weakening. Concurrently, the Dollar Index, which measures the greenback against a basket of other currencies, saw a modest rise to around 103.60, despite Treasury Yields falling from earlier highs near 104.00.
Market participants are now looking ahead to several key US economic reports that may influence currency fluctuations. Initial Jobless Claims are projected to decrease to 225,000, a drop from last week’s figures. Moreover, Durable Goods Orders are expected to show a decline of 3.1%, following an increase in the previous month. Additionally, the release of consumer confidence data from the University of Michigan could potentially impact Euro trading dynamics, providing fresh insights into consumer sentiment.
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