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The EUR/USD pair is on track for a higher opening on Tuesday as risk appetite returns to the markets after a brief respite. Investor sentiment is on the rise following a positive surprise in US Retail Sales, prompting the USD to take a breather. The pair is pushing higher amid a broad-based Greenback sell-off, re-entering the 1.0600 range.
EUR/USD is back in the green territory on Tuesday after the US Retail Sales came in higher than expected and saw an upward revision to previous data, boosting investor risk appetite to an all-time high and sending the dollar plunging broadly lower, supporting the pair and lifting it from its morning low of $1.0532, bringing it within a whisker of the $1.0600 key handle.
Headline US Retail Sales figures for September broadly beat median market forecasts of 0.3%, printing at 0.7% and seeing an upwards revision in the previous month’s reading from 0.6% to 0.8%. US Retail Sales rose 0.7% in September vs. 0.3% anticipated.
Earlier on Tuesday the EU’s ZEW Economic Sentiment Survey also soundly beat expectations, coming in at 2.3, soundly beating the forecast -8 and marking in a full bounce back from the previous print of -8.9.
Market sentiment has gone full risk-on, sending the Greenback down across the board and bolstering the EUR/USD back into levels that the currency pair initially lost a hold of following last week’s risk-off souring.
Coming up next on Wednesday will be European Harmonized Index of Consumer Prices for September, where the headline monthly figure is forecast to hold steady at 0.3%.
