The Euro is showing some resilience, holding firmly above the 1.1600 level against the U.S. Dollar. On Monday, the EUR/USD pair managed to post modest gains of over 0.15%, a welcome sight for Euro bulls.
This upward momentum for the common currency comes primarily as the Greenback experienced a tumble. A significant factor behind the Dollar’s softness appears to be the hawkish remarks made by Kazuo Ueda, the Governor of the Bank of Japan. Such comments often send ripples through global currency markets, influencing investor sentiment towards major pairs.
Adding to the Euro’s prospects was a relatively quiet economic calendar. With a light data docket on both sides of the Atlantic, the market had fewer immediate catalysts to push against the existing sentiment, allowing the Euro to capitalize on the Dollar’s weakness and consolidate its position above the key 1.1600 threshold. It seems a lack of fresh news can sometimes be good news for certain currencies!
Source: Original Article
