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EUR/USD Forecast: Buyers aim to push it beyond 1.0900

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The EUR/USD pair jumped to 1.0888 on Thursday as the US Dollar turned south following a solid performance in Asian equities, indicating an improved market mood.

EUR/USD Current price: 1.0850 The EU Hamburg Commercial Bank flash PMIs indicated contraction decelerated but remains. Stock markets surged amid solid earning reports boosting the tech sector. EUR/USD retains its near-term positive momentum after peaking at 1.0888. Stock markets rallied after NVIDIA unveiled its earning report, with higher-than-anticipated sales estimates, boosting the tech sector and risk appetite. EUR/USD rally cooled down following the release of tepid European data.

The manufacturing sector, in particular, experienced a sharp and accelerated reduction in output, with the index plummeting from 45.5 to a stark 42.3. The contraction in the service sector was milder, as the Services PMI improved to 48.2 from 47.7, still below the critical 50 mark that indicates expansion. EU figures pushed EUR/USD towards the 1.0840 price zone, where buyers took their chances ahead of Wall Street's opening, as optimism prevails.

Source: News Formal (newsformal.com)

 

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