12 February, 2019
EUR/USD traded up 0.05% on Tuesday managing to stay above 1.1280. The pair fell yesterday to its lowest rate in more than two weeks, enough to break below 1.1280. The dollar on Monday hit a 2019 high in the eighth day of its longest rally in two years, as concerns about a trade deal with China and an economic slowdown in Europe sent investors into the safe-haven currency. China struck an upbeat note on Monday as trade talks resumed with the United States, but also expressed anger at a U.S. Navy mission through the disputed South China Sea, casting a shadow over the prospect for improved Beijing-Washington ties. Soft European data last week, on the other hand, also contributed to a buoyant dollar against a weakened single currency. The European Commission sharply cut on Thursday its forecasts for euro zone growth for this year and next, with the bloc’s largest economies expected to be held back by global trade tensions and domestic challenges. Later this afternoon, US JOLTs Job Openings for December will be released. Also this afternoon, Fed Chair Jerome Powell will speak on “Economic Development in High Poverty Rural Communities” at the Hope Enterprise Corporation Rural Policy Forum.