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EUR/USD rises as traders look to the ECB decision

The euro gained despite downward pressure on the US dollar tied to renewed energy driven inflation worries and a softer US economic backdrop.

Reported · Written up by our desk · Major Pairs

EUR/USD extended gains for a second straight day, trading around 1.1410 in Asian hours Thursday, as the euro found support ahead of the European Central Bank's upcoming policy decision.

The ECB is widely expected to hold its deposit facility rate steady at 2.25%, keeping market focus on ECB President Christine Lagarde's press conference for signals on future monetary policy.

FXStreet said the US dollar faced downward pressure as traders weighed renewed inflation concerns linked to surging energy costs against signs of softening US economic conditions.

The article also noted that safe haven demand related to Middle East tensions remained in play, after US President Donald Trump threatened action over Iranian infrastructure and Iran vowed retaliation, with missile and drone attacks reported on two Saudi oil tankers in the Red Sea.

Latest closeEUR/USD 1.141 ▼0.0%

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