On Monday, the single European currency ended the trading session in the red zone, but today, traders are actively buying the most popular currency pair. The EUR/USD pair is approaching the level of 1.16. Currency strategists say that the US dollar weakened due to a lack of fresh macroeconomic data. However, later in the day the pair may change direction after the report from the US Bureau of Labor Statistics is published. Meanwhile, traders absorbed macroeconomic statistics from Germany, where the industrial production decreased by 0.9% in June after rising 2,4% and versus the expected decline of 0.5%. The German trade balance also did not match the expectations of the analysts. The trade surplus came in at 19 billion 300 million euros, while the forecasted reading was 21 billion 300 million euros.
The British pound was making attempt to recover as well. However, it lacks momentum. The GBP/USD pair is trading near the level of 1.2970. The decline was triggered by Theresa May's comments about readiness of the United Kingdom to leave the European Union without the agreement on Brexit terms. Probably, such a resolute approach of the British Prime Minister encouraged investors, but it did not soothe concerns over the Brexit uncertainty. Pound sterling traders are waiting for the UK reports on the GDP growth rate and industrial output that will be published on Friday. As for the euro, analysts expect this trading asset to be weaker against the greenback until the end of the week.