EUR/USD moves sideways near 1.0850 in the European morning on Monday after closing the previous week in negative territory.
EUR/USD fluctuates at around 1.0850 to begin the week. 1.0800 aligns as key support area for the pair. Investors could refrain from taking large positions ahead of this week's critical events. Ahead of this week's key macroeconomic events, which include the Federal Reserve's monetary policy decisions, Eurozone inflation data and US labor market report, the pair could stay in a consolidation phase.
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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