By Forex Yard – The EUR/USD has maintained its strength during the European trading session as the pair has broken above the 1.2400 resistance level that held the currency pair in check. Also rising this afternoon has been the Canadian dollar. Commodities are also trading higher.
Strengthening of EUR/USD comes after comments from China’s State Administration of Foreign Exchange (SAFE). The agency denied reports that it is reducing its holdings of European debt. The pair is currently trading at 1.2405 from an opening day price of 1.2297.
The USD/CAD has also moved significantly lower over the last three days. The strengthening of the Canadian dollar follows estimates that the Bank of Canada will be the first G7 nation to raise interest rates. The bank will meet to decide future monetary policy for Canada on June 1st.
Commodities have also gotten a boost. A weaker dollar has helped spot crude oil to climb to $75.30, after opening the day at $74.64. Spot crude oil trading has risen 9% over the past 3 days.
Forex Market Analysis provided by Forex Yard.
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