The buying interest around the European currency remains well and sound and motivates EUR/USD to edge a tad higher and flirt with the 1.0980 region on Wednesday.
EUR/USD appears bid ahead of data
EUR/USD extends the upside in place since the beginning of the week and with the next target at the key round level at 1.1000 the figure, always amidst the generalized flattish mood in the global markets and the lack of direction in the dollar.
Indeed, some consolidation as well as rising cautiousness seem to kick in ahead of key data releases – especially Friday’s US Nonfarm Payrolls – and against the backdrop of a shortened trading week due to Easter holidays.
In addition, the ECB-Fed divergence keeps bolstering the pair’s upside, particularly aft the JOLTs report on Tuesday reignited speculation of a likely pause at the Fed’s May event.
In the domestic calendar, final Services PMI in Germany and the broader Euroland advanced to 53.7 and 55.0, respectively, for the month of March. Across the pond, all the attention will be on the publication of the ADP Employment Change seconded by weekly Mortgage Applications, trade balance results, final Services PMI and the key ISM Non-Manufacturing.
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