EUR/USD: Modest bounce

The EUR/USD pair staged a modest recovery on Wednesday and seemed largely unaffected by the ongoing US dollar upsurge. Investors look forward to second-tier economic releases for some short-term impetus, according to Haresh Menghani from FXStreet. 

Key quotes

“The already stronger sentiment surrounding the buck got an additional boost following the release of better-than-expected US economic releases – Producer Price Index (PPI) and housing market data.”

“Market participants now look forward to the release of the German GfK Consumer Climate Index for some impetus. Germany will also report the Producer Price Index for January, though is unlikely to be a major game-changer.” 

“Later during the early North-American session, the release of the usual weekly unemployment claims, along with the Philly Fed Manufacturing Index from the US might influence the USD price dynamics and further contribute towards producing some meaningful trading opportunities.”