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Forex

EUR/USD Surges to 2-1/2-Month High Amid Dollar Decline

Guavy AI Editorial Team
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The EUR/USD exchange rate saw significant movement in recent trading sessions, with the US dollar experiencing a sharp decline after news of US Treasury liquidity support emerged.

This led to a surge in risk-on sentiment, causing the EUR/USD pair to spike upward and reach a 2-1/2-month high of 1.1677, surpassing its 200-day moving average (DMA) and June monthly high.

The US dollar and yields initially firmed up during New York's afternoon trading session following the release of the Fed minutes, but later softened, allowing the EUR/USD pair to continue its upward trajectory and close with a gain of +0.79%.

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