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By the end of the European session the euro manage to reverse the downward trend against the US dollar.
The EUR/USD pair retreated from the expected low at 1.1320 and settled near the level of 1.1355.
Market participants shifted their attention to the issue on Italy’s budget plan. This time, comments of the Italian prime minister made market participants doubt whether settlement of disputes between Rome and Brussels is effective. Giuseppe Conte said that he can he can make amendments in the budget project unless it affects the economic growth. Some traders took his words as a sign that confrontation may remain in place.
Another factor that helped the euro gain ground is weakening of the greenback. During the North American trading the US dollar index declined from the level of 97.20 and settled slightly below 96.90. Supposedly, traders started to sell the greenback ahead of publication of the Fed’s Beige Book. This document can show negative dynamics. Though traders have no doubts that the interest rate will be raised, they fear that the Federal Reserve may take a milder approach.
The USD/CAD pair came under the spotlight today. The Canadian dollar weakened as traders are waiting for the results of the Bank of Canada’s monetary policy meeting. Lately, the loonie has been unpredictable, so investors should be careful than trading this currency pair.
At the end of this week the US and Canada will deliver reports on the labor market conditions. This data can be a sign of the further rate hikes by the central banks. The Fed officials have repeatedly said that economic conditions are the main factor for shaping the monetary policy.
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