The EUR / USD is heading towards the end of a four-day series of losses.
The US dollar index broke below 93.00 in the US session.
The risk-taking market environment makes it difficult for the USD to find demand.
After spending most of the day in a relatively tight range above 1.1750, the EUR / USD gained traction during the US hours of trading and was last traded at 1.1796, up 0.15% for the day.
DXY turns around – Wall Street in rally mode
In the absence of high-quality macro data releases and fundamental developments, the perception of risk continues to influence the market valuation of the USD. At the start of the day, the US Dollar Index (DXY) reached 93.19, its highest level since the beginning of April and did not allow the EUR / USD to recover.
While the most important indices on Wall Street continued Tuesday’s impressive upturn and opened in positive territory on Wednesday, the greenback lost strength. The renewed USD weakness is reflected in the DXY, which fell 0.1% over the course of the day to 92.86.
On Thursday the European Central Bank (ECB) will announce its interest rate decision and publish the monetary policy decision.
Ahead of this event, “the recent announcement by the ECB – that purchases under the Pandemic Emergency Purchase Program (PEPP) will continue at a much faster pace in the coming quarter than in the first few months of this year – reinforces our view that the ECB will remain very accommodative for much longer, “said Lee Sue Ann, economist at UOB Group.