EUR/USD unstoppable, advances toward 1.1100

FXStreet (Córdoba) – EUR/USD continues to rise and hit a fresh daily high at 1.1079, the strongest level ion three months. The pair was holding near the highs and still with a bullish tone.

A strong EUR

While the US dollar plummeted across the board, the euro gained momentum amid risk aversion. Stocks in Europe and in Wall Street were recovering ground but failed to hold and turner lower. European stock indexes are about to end the day with a decline of 1.50% on average while in the US, the Dow Jones lost 300 points from the level it opened and it was falling 0.55%.

Ricks aversion boosted the euro in the market giving another boost to the EUR/USD, that so far is gaining almost 150 pips, having the best daily performance since January 7.

The US dollar weakened in the market following the release of US economic reports that did failed to lift expectations of a Fed rate hike in March, that continue to decline. The ISM Non-manufacturing come in at 53.5 during January, below expectations, the Services PMI tracked by Markit dropped to 53.2. The positive news was the ADP report, that showed that the US private sector added 205K jobs during last month, above the 195K expected. The labor market data failed to remove pressure from greenback.

EUR/USD continues to rise and hit a fresh daily high at 1.1079, the strongest level ion three months. The pair was holding near the highs and still with a bullish tone.

(Market News Provided by FXstreet)