After opening the week with a big bullish gap, EUR/USD climbed above 1.0900 but lost its traction later in the American session on Monday.
EUR/USD fluctuates in a narrow range below 1.0900 on Tuesday. Markets turn anxious on the day of the US presidential election. The pair could come under renewed bearish pressure if 1.0870 support fails. The pair fluctuates in a narrow channel below 1.0900 in the European morning on Tuesday as investors move to the sidelines on the day of the US presidential election. The selling pressure surrounding the US Dollar fuelled EUR/USD's rally on Monday.
What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.
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