EUR/USD fell short of recent bullish momentum, pulling back sharply after a brief jump above 1.0900 to kick off the new trading week and keeping price action strung out along the top end of a descending price channel.
EUR/USD bidders failed to make a clean break of 1.0900 on Monday. Fiber’s near-term bull run set to end as technicals weigh heavily on buyers. ECB rate call due in the back half of the week to constrain Euro bids. Traders are weighing their stance on the Greenback as Fed speak dominated investor sentiment with appearances from key policymakers on Monday.
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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