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EURUSD at 10-Month Highs as Dollar Sinks

Today in our fundamental analysis: The USD generally weakened after U.S. Senate Republicans postponed a vote on the Trump administration’s healthcare bill on Tuesday, as they faced resistance from party members. Investors are concerned that the administration will not be able to implement tax cuts and fiscal stimulus steps, without first getting the healthcare bill passed.

Fundamental Analysis

  • The EUR/USD reached a 10-month high of 1.1377 today, continuing yesterday’s rally after European Central Bank (ECB) President Mario Draghi acknowledged that economic indicators were showing a broadening recovery in the Eurozone, and even had something positive to say about inflation.
  • Against the yen, the euro rose to 127.84 yen Today, its strongest level since April 2016. It was last at 127.57 yen.
  • After a mysterious sharp drop on Monday, which many people attributed to a human error, gold managed to stabilize yesterday and today, trading in a very tight range of $1245 – $1253.
  • Stocks in the U.S. were mixed on Monday. The Dow Jones and S&P 500 were each less than 0.1% above unchanged, while the tech-heavy Nasdaq index lost about 0.3%. a delay to a U.S. healthcare reform vote in Senate, the IMF’s US growth forecast downgrade sparked the selloff.
  • Oil markets were steady to lower on Wednesday after a report of rising U.S. fuel and crude inventories underscored concerns that a three-year supply glut is far from over. Brent crude prices were at $46.59 per barrel at 0650 GMT, down 6 cents, or 0.1 %, from their last close.

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