Trading | 4 months ago
The United States economy performed very well in the first quarter of 2021. Many factors contributed to the economic performance of United States. Rapid and mass scale vaccination program is one of the important factors. As a result of these efforts, U.S. dollar also performed extremely well against its counterparts like EUR, JPY and GBP.
However, if we analyze the second quarter, so far, it has been more challenging. Hike in taxes by U.S. President Joe Biden is one of the greatest risks for the U.S. dollar. As a result, U.S. dollar fell by 1.19% in the first week of April, 0.69% In the second week of April and 0.96% In the third week of April against the EUR.
If we talk about the EUR, it is constantly trading higher against the US dollar. The bullish investors are encouraged by the faster vaccination driven economic recovery in the Eurozone. Recently released Eurozone’s manufacturing and service Purchasing Managers Index (PMI) rose slightly. The Eurozone economy is gaining momentum due to the faster manufacturing and service sector activity.
The short-term technical outlook for EUR/USD pair indicates that bullish investors are in control. At the time of writing, EUR/USD pair is currently trading at 1.2110. One must look for buying opportunities in EUR/USD pair.
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