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Euro Trades Near 4-Month Highs As EU Leaders’ Summit Kicks Off

The euro today rallied higher against the US dollar to trade near the 4-month highs recorded on Wednesday buoyed by positive investor sentiment and the greenback’s weakness. The EUR/USD currency pair’s rally was further fueled by optimism about the ongoing EU leaders summit, where many hope they’ll agree on the €750 billion stimulus package.

Euro Rallies on New of Potential COVID-19 Cure, Positive Sentiment

The euro today rallied higher against the US dollar on news of a possible cure for the novel coronavirus, which saw investors bid up riskier assets such as the single currency. The EUR/USD currency pair was also boosted by investor optimism regarding the outcome of the ongoing recovery talks between finance ministers from the European Union‘s member countries.

Pound Rallies on Positive Sentiment and Post-Brexit Trade Deal Hopes

The Sterling pound today rallied higher against the US dollar driven by positive investor sentiment about EU-UK relations post-Brexit due to recent events. The GBP/USD currency pair today was up as amid resurgent investor risk appetite, in which investors buy riskier currencies.

Pound Falls on Brexit Uncertainty, Weak UK PPI, and Strong Dollar

The Sterling pound today fell against the US dollar as investors bought the safe-haven greenback in anticipation of further stimulus spending by the government. The GBP/USD currency pair got a brief respite from the optimism about a potential Brexit deal, but this was not enough to push the cable into positive territory.

Euro Sidelined on Trump-Macron Spat Amid US-China Trade Worries

The euro today appeared to cool off against the US dollar following yesterday’s massive rally that saw the EUR/USD currency pair breach the 1.1080 level as the greenback fell. The currency pair today traded sideways alternating between gains and losses amid a lack of significant releases from the European dockets.

Sterling Rallies on Merkel’s Optimism Regarding Irish Backstop

The British pound today exploded higher after the German Chancellor Angela Merkel expressed optimism that the Irish backstop issue could be resolved by October 31st. The GBP/USD currency pair rallied to new monthly highs above the crucial 2.2250 level as traders bought the Sterling in anticipation that her remarks would help prevent a no-deal Brexit scenario.

Pound Trades in Wide Range Driven by Brexit Headlines

The Sterling pound today traded in a wide range against the US dollar driven by multiple Brexit headlines as the deadline for Britain’s exit from the EU looms. The GBP/USD currency pair today traded in an almost 100-pip range as investors reacted to different headlines most of which indicated that a Brexit deal was not close to being done.

Euro Holds On to Gains After EU Migration Deal Amid Strong US PCE Data

The euro today held on to its gains in the American session despite the release of strong US inflation data, which boosted the greenback. The EUR/USD currency pair has rallied significantly higher overnight after European leaders finally reached a deal on Migration at the EU Summit.

EUR/USD Trades in a Narrow Range on Empty Dockets

The EUR/USD currency pair today traded in a tight range with minimal movement given the empty US and EU dockets. There were no major factors that could influence the direction of the currency pair, however, the US dollar strengthened against the euro later in today’s session.

Euro Weakens Against US Dollar on Upbeat US Data

The EUR/USD currency pair today hit new session lows as the single currency weakened against the greenback on positive US data. The euro weakened against the US dollar upon the release of positive producer price index data by the Bureau of Labor Statistics, and the release of positive initial jobless claims data, and continuing claims released by the Department of Labor.

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