EUR/USD retraces its recent losses from the previous session, trading around 1.0880 during Asian hours on Monday.
EUR/USD appreciates as the US Dollar receives downward pressure following the release of weaker Nonfarm Payrolls on Friday. The US Dollar may receive support from safe-haven flows amid uncertainty surrounding the US presidential election. The Euro found support as recent economic data in the Eurozone has prompted traders to reassess the ECB’s policy outlook. The pair's upside can be attributed to a softer US Dollar after the release of weaker-than-expected US October Nonfarm Payrolls data.
In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY , EUR/GBP and EUR/AUD . 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.
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