The EUR/USD pair ended its losing streak and posted modest weekly gains to settle in the 1.0830 price zone on Friday, as investors continued to drop the Greenback.
An outstanding earnings report from the tech sector kept Euro afloat. United States’ data indicated continued growth and a still-tight labor market. EUR/USD closed the week with gains, but bulls are still doubtful. On the one hand, Euro gains were modest, as local data indicated persistent economic contraction, only backed by an upbeat market mood. On the other hand, the US Dollar was hit by cooling expectations of a change in the Federal Reserve's wait-and-see stance.
The weekly wild card Much of what happened across the FX board resulted from sentiment, the latter coming from the solid performance of worldwide equities. Stock markets rallied, with several major indexes reaching record highs across the globe. The catalyst was Nvidia , an American tech giant currently focused on generative AI, as the company reported upbeat earnings and revenues, boosting the tech sector.
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