EUR/USD Hits 7-Week Highs
EUR/USD gained momentum after the beginning of the American session and climbed to 1.1364, hitting the strongest level since February 11.
The rally stopped just a few pips below 2016 highs that were reached at 1.1375.
While the US dollar is falling sharply in the market for the second day in a row, the euro is outperforming in the market. Janet Yellen comments yesterday triggered a sharp decline of the dollar in the market.
EUR/USD up despite data
The ADP employment report in the US that showed an increase of 200,000 in private payrolls, slightly above expectations, but failed to boost the USD. In Europe, higher-than-expected preliminary inflation numbers from Germany gave extra support for the euro.
EUR/USD currently trades at 1.1325, up 0.45% for the day, and is rising for the third day in a row. Since the beginning of the week it gained almost 200 pips and if it ends around current levels it would post the strongest daily close since October.
