EUR/USD backslides in broad-market Greenback recovery

📆 10/21/2024 10:57 AM
📰 FXStreetNews

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EUR/USD pivoted into early losses to kick off the new trading week, cutting a near-term recovery rally short and sending intraday bids tumbling back toward 1.0800.

EUR/USD edged back into the low end on Monday as the US Dollar bounces. A strong Greenback bid is bolstering the USD across the board. Easing equity prices and a simmering Middle East are boosting safe haven bids. The US market session sees stock investors taking a breather from setting record highs multiple days in a row, and the downside push in equities is helping to send the US Dollar higher.

Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve .

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EUR/USD extends declines in wide-market Greenback reboundEUR/USD trimmed further into the bearish side on Wednesday, dragging Fiber bids further into the low end as markets grapple with an uncertain outlook on the Middle East and evaporating hopes for a follow-up jumbo rate cut from the Federal Reserve (Fed) in November.
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