The EUR/USD climbed above 1.0600 during the American session, supported by a weaker US Dollar across the board ahead of the FOMC meeting and key jobs data.
A weaker US Dollar and improved risk appetite boost EUR/USD above 1.0600. Better-than-expected German helps Euro bulls. Key upcoming events include Eurozone inflation, the FOMC meeting, and US jobs data. The Euro also received support from Eurozone economic data. The pair peaked at 1.0625, the highest level in six days. The European Central Bank would likely welcome the data from Germany. The economic contraction during the third quarter was milder than expected, with a decline of 0.
However, the strong economic performance allows for potential rate hikes if the FOMC desires, as the labor market remains tight and the annualized GDP growth recorded in Q3 was above 4%. Key US data is due throughout the week, starting with the Employment Cost Index on Tuesday, followed by the ADP private employment report, and culminating with the Nonfarm Payrolls on Friday. These figures will have an impact on the momentum of the US Dollar, that weakened on Monday amid improved risk sentiment.
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