The euro stayed strong at the end of last week and is still going up this week.
On Monday in the Tokyo market, USD/JPY went down, which helped EUR/USD rise to 1.1738. In the European market, it climbed further to 1.1750. However, during the London fixing (a time when many currency trades happen at the end of the month), people started buying the dollar again, and the euro dropped to 1.1708.
In the New York market, President Trump and others asked the Federal Reserve to cut interest rates. Because of this, long-term U.S. interest rates went down, and people sold the dollar. This helped EUR/USD rise again to 1.1788, the highest level since September 2021.
Some of this rise came from people buying EUR/JPY (euro-yen), but the main reason is that more people are moving away from the dollar and buying the euro as a replacement.
The euro may continue to go up, but before the U.S. jobs report this weekend, there may be some selling to take profits. So traders should be careful.
Expected EUR/USD range: 1.1740 – 1.1850
Note: This information does not guarantee profits. Please make your own decisions when trading.