EUR/USD retraces its recent gains, trading around 1.0870 during the European session on Tuesday.
EUR/USD losses ground ahead of the release of EC Consumer Confidence data due on Tuesday. ECB Vice President Luis de Guindos stated that the inflation data is in linewith projections. Vice President Kamala Harris has secured endorsements as the leading candidate for the presidential nomination.
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. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth.
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