Euro hits one-week high on bullish outlook

Economies.com
2024-02-19 08:21AM UTC

Euro rose in European trade against a basket of major rivals, extending gains for the fourth straight session against the dollar and hitting a one-week high amid a positive outlook. 

 

Traders are buying up the EUR/USD pair around the low barrier of $1.07, while expecting more positive data this week from the eurozone.

 

EUR/USD

 

EUR/USD rose 0.15% to 1.0788, with a session-low at 1.0771, after rising 0.1% on Friday, the third profit in a row, moving off three-month lows at 1.0695. 

 

The pair lost 0.1% last week, the fifth weekly loss in a row due to concerns about a widening US-European interest rate gap.

 

Bullish Outlook 

 

Goldman Sachs’ analysts believe the EUR/USD pair will find support around the low barrier of 1.0700, following US retail sales data last week which will hinder a decline below 1.0700. 

 

The analysts expect the support to be carried on this week, with little volatility in the market. 

 

The UBS bank said that initial PMI data could show potential recovery in the eurozone, boosting the euro’s standing against major rivals. 

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