Forex
EUR/USD Trades Flat as US Yields Reach Highest Level Since 2007
The EUR/USD exchange rate has been trading flat at around $1.1316 after slipping for the day, with limited volatility and holding near session lows.
This comes as the US 10-year Treasury yield reached its highest level since 2007 at 5.27%, increasing the attractiveness of US assets and driving demand for the US Dollar.
The rise in yields has also reduced expectations for an October rate hike by the European Central Bank, further decreasing demand for the Euro.
EUR/USD is currently trading below its key moving averages, with all major indicators issuing downside signals, suggesting a range of $1.1259 to $1.1373 over the next 2-3 days.