EUR/USD shows signs of recovery, as the Euro strengthens.
The most actively traded currency pair in the market is experiencing an upward movement on Tuesday. The current quote for EUR/USD stands at 1.0930.
At the beginning of the week, the macroeconomic calendar did not provide any significant triggers for currency movements. The market was relatively subdued, allowing investors a brief respite.
However, the situation is set to change today. The morning has already brought reasons for increased trading activity, which is expected to continue throughout the day.
To start with, the Chinese Prime Minister announced that the national economy is showing growth. He expressed confidence that China is on track to achieve its annual growth target of 5%, with the second quarter expected to demonstrate more robust growth than the first quarter. This optimistic outlook for the Chinese economy serves as a strong support for riskier assets.
Additionally, market participants are eagerly anticipating a speech by Christine Lagarde, the head of the European Central Bank, later in the day. The United States will also contribute to market activity with the release of significant economic data, including the durable goods orders report for May, the new home sales report for the same month, and the Conference Board Consumer Confidence Index for June.
For now, the issue of interest rates appears to have taken a backseat in terms of market focus.