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EUR/USD eases as dollar recovers ahead of key US data
EUR/USD slipped from the 1.1711 four-day high to around 1.1655, while the US Dollar Index rose to roughly 99.1.
The euro traded marginally lower against the US dollar on Tuesday, extending its corrective move from the four-day high of 1.1711 to around 1.1655 in European hours, according to FXStreet.
The dollar firmed as investors weighed caution ahead of US Personal Consumption Expenditure Price Index data for July and the outcome of the Jackson Hole Symposium, with the US Dollar Index, a measure versus six major currencies, up about 0.1% to near 99.07.
FXStreet also noted that strategists at Scotiabank see significant calendar and event risk this week, which they say could support moderate gains in the US dollar in the near term as investors pare back positioning.
On the outlook for EUR/USD, FXStreet said the euro remains broadly firm on expectations the European Central Bank will raise interest rates next month, while technical conditions were described as bearish overall with no clear reversal yet, leaving key levels at 1.1622 for support and 1.1711 as the level needed to resume any uptrend.
Latest closeEUR/USD 1.157 ▲0.4%|Dollar index 99.64 ▼0.3%