EUR/USD continues to rebound off 2-year low

The single currency of the European Union fluctuate higher during the Asian session to see its fifth session rebound in seven sessions from its lowest since June 26, 2017 against the US dollar on the eve of economic developments and data expected Friday by the economies of the eurozone and the US economy.

At 05:09 am GMT, the EUR/USD rose 0.12% to 1.1317, compared to the opening at 1.1303, after reaching a high of 1.1327, while reaching a low of 1.1302.

Markets are also looking for Germany's wholesale price index to rise 0.3% from 0.7% in January, before the unveiling of the Eurozone economy of the annual CPI reading Which could reflect growth stability at 1.5%, little changed from January's preliminary reading, versus 1.4% growth.

On the other hand, yesterday we also followed the President of the European Council Donald Tusk appeal the 27 EU leaders to discuss and consider delaying the UK's exit from the EU for a long time if the British requested a postponement of the exit with clear grounds, noting that time will make the UK research and scrutinize its own exit strategy and build a clear plan to deal with it.

This came before the announcement of the official spokesman of the European Commission, that the decision to postpone the United Kingdom's exit of the European Union must come as unanimous approval by the leaders of the European Union and that if the Kingdom remains a member of the Union during the next parliamentary elections, it must participate in those elections , which came after a vote by the British Parliament to postpone the date of departure from the European Union beyond 29 this month.

On the other hand, markets are currently waiting for the US economy to release the New York Manufacturing Index, which may extend to 10.1 vs. 8.8 in February. Before the world's largest industrial producer release the reading of the Industrial Production Index (IPI), which might show an increase to 0.4% versus -0.6% of decline in January, While the Energy Use Intensity (EUI) reading showed accelerated growth to 78.5% versus 78.2%.

Leading to the first reading of the University of Michigan Index of Consumer Sentiment, which may reflect a widening to 95.5 versus 93.8 in February, with the release of consumer Inflation Expectation (MICH) for one year to come and five years ahead, in conjunction with the release of a statistical Job Openings and Labor Turnover (JOLTS) that may reflect a decrease to 7.27 million versus 7.34 million last December.