EUR/USD bounces off 20-month minimum, though gains seen limited
On Thursday, the euro ascended against the greenback, bouncing off a 20-month minimum after data disclosed that the German business climate is still solid in November, though everlasting support for the US dollar limited the common currency’s profits.
The currency pair EUR/USD eased off 1.0518, its lowest result since March 2015, to reach 1.0576 during European morning trade, rising 0.21%.
The pair was about to gain support at 1.0518, the session minimum and resistance at 1.0647 and also Wednesday’s peak.
The Ifo institute told its business climate index dropped to 110.4 this month from October’s outcome of 110.5, though still strong. Financial analysts had expected an outcome of 110.5.
The euro’s revenues were expected to remain limited, as the US dollar was still backed by expectations that President-elect Donald Trump’s plans to increase fiscal spending and cut taxes will stimulate economic growth and also inflation.