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Forex - EUR/USD remains lower in thin trade

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Investing.com -

Investing.com - The euro remained lower against the U.S. dollar in thin trade on Monday, but losses were expected to be limited as demand for risk-related assets strengthened mildly amid indications that geopolitical tensions are beginning to ease.

EUR/USD hit 1.3382 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.3384, slipping 0.19%.

The pair was likely to find support at 1.3337, the low of August 7 and resistance at 1.3445, the high pf August 1.

The dollar weakened broadly on Friday after the U.S. launched airstrikes in Iraq and tensions between Russia and Ukraine mounted.

Market sentiment recovered on Monday following reports Russia ended military exercises it was holding close to the border with Ukraine, but investors were continuing to monitor developments in the region closely.

News of a fresh 72-hour ceasefire between Israel and Hamas in Gaza which came into effect on Sunday also eased concerns over geopolitical instability in the Middle East.

However, concerns over the divergence on monetary policy between the European Central Bank and its major peers continued to pressure the single currency lower.

The euro was also lower against the pound, with EUR/GBP shedding 0.27% to 0.7975.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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