The EUR/USD pair has been tracking minor losses in the Asian session. The pair hovers in a very narrow trade band with a negative bias.
The US Dollar Index (DXY), which tracks the performance of the greenback against the six majors rebounds near 93.00, which capped the gains for EUR/USD
The greenback pared some of its gains amid the fully approved drug Pfizer-BioNTech by US FDA. The market took it as a sign that the Delta coronavirus variant won’t derail the global economic recovery.
The single currency is weighed down by the downbeat German data, the EU’s largest economy. The Ifo Business Climate indicator for Germany fell to 99.4 in August, much below the market forecast of 100.4.
Investors turn their attention to US Gross Domestic Product (GDP) index, Initial Jobless Claims, and ECB Meeting Minutes to take trade insight.
The German GfK consumer confidence fell surprisingly significantly to minus 1.2 points in September – the lowest value since June. In consensus, analysts had only expected a decline to minus 0.7 points, after minus 0.4 percent in August. The M3 money supply in the euro area increased by 7.6 percent year-on-year in July.
The consensus expected an increase of 7.7 percent, after plus 8.3 percent in June. Loans to the private sector in the euro area increased by 4.2 percent in the same period, after plus 4.0 percent.
EUR/USD Long (Buy)
Enter at: 1.17803