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Despite the US Dollar's decline, EUR/USD bulls surge

Daniel Rogers

Dec 06, 2022 15:05

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The US Dollar's decline has caused the EUR/USD to reach the apex of the bull cycle, which started at the end of September. The Euro has climbed from 1.0489 to 1.0507 thus far on Tuesday, up 0.12%.

 

However, since the start of the week, the US Dollar has been the main driver, and today's bid reflects little of what happened to risk appetite on Monday. Due to the unexpected expansion in the US services sector in November, many predict that the Federal Reserve will increase interest rates by a larger amount than previously predicted.

 

Following a recovery from the 104.11 bearish cycle lows in November, the DXY index, which measures the US Dollar against the US dollar, has retreated to the 105 area. As a result, the Euro declined at the start of the US session for the week as a result of a flight to safety following a decline in market optimism regarding a potential easing of COVID restrictions in China.

 

Investors' appetite for risk has increased as a result of several Chinese localities easing their COVID restrictions in what appears to be a shift toward gradual reopening as the nation approaches its fourth year of the pandemic. However, despite the partial relaxation, there are still many restrictions in place, and in some parts of the nation, new lockdowns and travel restrictions are still being enforced.


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