Euro fluctuated higher during the Asian session to see its sixth rebound in nine sessions from its lowest on 26th of June, 2017 against the US dollar On the eve of the developments and economical data expected on Tuesday, by the economies of the euro-zone, and in anticipation of the launch of the Federal Open Market Committee meeting in Washington.
As of 04:56 GMT, the EUR/USD rose 0.10% to $1.1348, compared to the opening at $1.1337, after reaching its highest at $1.1349 during the session, while having a low of $1.1334.
While the markets are awaiting for Italy's trade balance to be released, as it's the third-largest economy in the euro-zone, which could show a contraction of the surplus to 3.45 billion euros from 3.66 billion euros in December, before we see the ZEW Economic Sentiment survey for Germany, the region's largest economy. Which may reflect a contraction shrink in Germany to 11.0 versus 13.4 and in the region as a whole to 15.1 versus 16.6 in February.
On the other hand, markets are now looking forward the FOMC meetings for today and tomorrow amid expectations that Fed policy makers will keep interest rates between 2.25% and 2.50% and move forward in reducing bond buybacks With $50 billion a month and market pricing the possibility of raising the interest rates on federal funds once this year.
Investors are also looking the reveal of expectations of growth and unemployment as well as inflation and future interest rates for the next three years by FOMC members, ahead of Fed Chairman Jerome Powell's forthcoming press conference, which recently announced the Fed's intention to be patient and monitor the economical data before resuming monetary policy tightening or not.