U.S. President Trump said he will put new tariffs on many countries in the next few weeks but also said that the European Union (EU) wants to talk. Because of hope for trade talks, people bought the euro, and its price went up.
Also, because of trouble in the Middle East, people sold the U.S. dollar, which helped the euro rise to the 1.16 dollar level. In the New York market, the U.S. Producer Price Index (PPI) for May was lower than expected, so the euro rose to 1.1630 dollars. This was the highest price since November 2021.
Later, some traders sold to take profit, so the price fell to 1.1564 dollars. But because many people are still selling dollars, the euro may rise again to a new high.
However, because it is the end of the week, more traders may sell to take profit after the euro reaches a high price.
Expected range for EUR/USD: 1.1700 – 1.1520 dollars
Note: This information does not guarantee profits. Please make your own decisions when trading.