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Saturday, June 19, 2021

EUR/USD nears 1.222 in steady rise to session high

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Euro continues to strengthen

The euro has climbed above Friday’s high as it benefits from growing optimism about the post-pandemic period.

EUR/USD is up 30 pips to 1.2197.

The rise finishes the job of wiping out Thursday’s ADP-report inspired drop in the pair.

EURUSD

The ECB decision on Thursday is the main highlight this week but expectations for any significant shifts are low. Expect the usual optimism mixed with caution about potential setbacks.

Today’s move is probably best seen as a continuation of Friday’s US dollar weakness. The jobs report takes any talk of a near-term taper off the table and that will keep rate differentials in check. The Fed is in the blackout period so talk on the rates front will be quiet for awhile.

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