- EUR/USD rebounds from recent weakness & targets1.1900.
- German IFO beat forecasts in November.
- US Consumer Confidence & housing sector in focus later.
- EUR/USD rises to daily high at 1.1890.
EUR/USD looks to 1.1900 and beyond
EUR/USD reverses two consecutive days of losses pushing high on Tuesday.
Rising optimism surrounding a covid vaccine facilitating a V-shaped recovery is boosting risk sentiment and dragging on the greenback, supporting the pair..
Adding to the euro’s upbeat tone, the German IFO Business Climate surpassed estimates at 90.7 in November albeit just shy of October’s reading. The German GDP data revealed 8.5% growth in Q3 bettering forecasts.
Looking to the US, Conference Board will publish its Consumer Confidence index by the S&P/Case-Shiller Index and the FHFA’s House Price Index. FOMC’s Bullard, Clarida and Williams are also due to speak.