EUR/USD is regaining its positive momentum at the start of a new week and rising again above the round figure of 1.1600 during the Asian session. Bulls are now waiting for a move beyond the technically important 50-day Simple Moving Average (SMA) before placing new bets and taking positions to extend the week-long uptrend amid prevailing US Dollar (USD) selling bias.
The US Dollar Index (DXY), which tracks the greenback against a basket of currencies, is near a two-week low on the back of a dovish Federal Reserve outlook. In fact, traders have boosted their bets that the US central bank will cut borrowing costs again in December in the wake of recent comments from several Federal Reserve officials. This, combined with the underlying bullish sentiment in financial markets, is seen as undermining safe haven and acting as a tailwind for EUR/USD.
On the other hand, the common currency continues to draw support from the growing acceptance that the European Central Bank is done cutting interest rates. In fact, minutes from the latest ECB meeting released on Friday showed unanimous support for leaving the three key interest rates unchanged in October. Furthermore, the Board described the political situation as good. Traders have now almost fully priced in any further rate cuts in 2025, and see about a 40% chance of a move by the end of 2026.
This in turn provides additional support for EUR/USD and supports the case for further upward movement in the near term. A sustained break of the 50-day simple moving average will reaffirm constructive expectations and pave the way for further gains. Traders are now looking forward to the release of important US economic data this week, due at the start of a new month, starting with the release of the ISM Manufacturing PMI later today. Meanwhile, final Eurozone PMIs may provide some momentum for EUR/USD.
(This story was corrected on December 1 at 07:04 GMT to say in the headline, and first and last paragraphs, that EUR/USD is flirting with a 50-day simple moving average (SMA), not a 200-day SMA.)
US dollar price last 7 days
The table below shows the percentage change in the US Dollar (USD) against the major currencies listed in the last 7 days. The US dollar was the strongest against the Japanese yen.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | -0.82% | -1.05% | -0.61% | -0.92% | -1.42% | -2.16% | -0.71% | |
| euro | 0.82% | -0.24% | 0.27% | -0.11% | -0.62% | -1.36% | 0.11% | |
| GBP | 1.05% | 0.24% | 0.47% | 0.14% | -0.39% | -1.12% | 0.35% | |
| JPY | 0.61% | -0.27% | -0.47% | -0.35% | -0.94% | -1.76% | -0.16% | |
| Canadian | 0.92% | 0.11% | -0.14% | 0.35% | -0.51% | -1.25% | 0.21% | |
| Australian dollar | 1.42% | 0.62% | 0.39% | 0.94% | 0.51% | -0.74% | 0.75% | |
| New Zealand dollar | 2.16% | 1.36% | 1.12% | 1.76% | 1.25% | 0.74% | 1.49% | |
| Swiss franc | 0.71% | -0.11% | -0.35% | 0.16% | -0.21% | -0.75% | -1.49% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select USD from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
