The Euro US Dollar (EUR/USD) exchange rate is trading higher, as it targets US$1.19. The pair is on track for a weekly gain of 0.8%.
The Euro is shrugging off weak consumer confidence data. Figures from GFK show that consumer sentiment is set to drop sharply in the coming month after three months of gains. Rising coronavirus infections and concerns over another lockdown are dragging on the mood.
The US Dollar is on the back foot after the Federal Reserve adopted a new strategy to allow inflation to remain over the 2% target. This means that interest rates will stay lower for longer.
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