Dollar advances but buyers still cautious

 Dollar advances but buyers still cautious

EUR/USD Current Price: 1.2192

  • Profit-taking and position adjustment helped the greenback recover ground.
  • The focus now shifts to US April Durable Goods Orders, foreseen at 0.7%.
  • EUR/USD trades below the 1.2200 level and could extend its decline in the near-term.

The market’s sentiment was once again behind currencies’ movements on Wednesday. The dollar fell through the first half of the day as government bond yields remained depressed while equities advanced. The positive mood changed ahead of Wall Street’s opening, helping the dollar higher. The EUR/USD pair hit an intraday high of 1.2066 but ends the day in the red below the 1.2200 level.

There was no particular catalyst for the dollar’s advance, as government bond yields remained depressed, extending their slides to fresh weekly lows while US stocks posted modest intraday advances. The macroeconomic calendar was scarce, but the greenback’s…

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