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EUR/USD Erases Daily Gains to Settle Near Daily Low

M. Ali 10 June, 2021 1:00 am Forex Market, Market Update

The Euro (EUR) erased most of its gains against the U.S. Dollar (USD) on Wednesday, moving towards a marginal rise near its closing level in the previous session.

Earlier today, the EUR/USD pair was trading as high as 1.2218, due to the brief plunge by the Dollar, after falling U.S. Treasury bond yields ahead of inflation data weighed on the greenback.

The pair is currently trading marginally higher by 0.05% at 1.2179, near its Tuesday’s closing level of 1.2173, and a little above its daily low of 1.2171.

Fluctuations by the EUR/USD pair came amid the absence of major economic data in the U.S. and the European bloc, with both anticipating the release of U.S. inflation data, with last month’s reading for the consumer price index (CPI), and signs about the future of monetary policy in the Eurozone.

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