The EUR/USD pair is trading sideways near 1.0400 after a volatile start to the week. Despite reaching a 10-day high on Monday, the pair struggled to maintain upward momentum. Thin trading conditions on New Year's Eve are contributing to the sideways movement. The next key economic data releases that could impact the pair are expected on Thursday.
EUR/USD returned to the 1.0400 area following Monday's choppy action. The pair is likely to have a difficult time finding direction in the near term. Next macro economic data releases that could drive the pair's action will be released on Thursday. EUR/USD climbed above 1.0450 and touched its highest level in over 10 days on Monday but failed to preserve its bullish momentum. As trading conditions remain thin on New Year's Eve, the pair moves sideways at around 1.0400.
In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY , EUR/GBP and EUR/AUD . What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy.
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