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- EUR/USD gathered bullish momentum and advanced to the 1.0850 area.
- Improving risk mood weighs on the US Dollar on Thursday.
- Markets await Manufacturing and Services PMIs for the Euro area, Germany and the US.
EUR/USD extended its recent uptrend after closing in positive territory on Wednesday and touched its highest level since early February above 1.0850 on Thursday. The pair’s technical outlook points to a buildup of bullish momentum ahead of PMI data releases.
The broad-based selling pressure surrounding the US Dollar (USD) fueled the pair’s rally in the second half of the week. Although the USD managed to hold resilient against its rivals after FOMC Minutes, improving risk mood made it difficult for the currency to find demand during the Asian trading hours.
The Federal Reserve (Fed) said in the minutes of the January policy meeting that most policymakers noted the risks associated with moving too quickly to ease the policy. Furthermore, the publication showed that officials highlighted uncertainty around how long the restrictive policy stance would be needed.
Upbeat earnings figures from Nvidia triggered a rally in technology stocks after the closing bell. At the time of press, S&P futures and Nasdaq futures were up 0.85% and 1.6%, respectively, highlighting the risk-positive market atmosphere.
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