The EUR/USD currency pair experienced mild losses for the third consecutive day, trading around 1.0300 during Thursday's European session. This trend reflects the ongoing strength of the US Dollar and a bearish technical setup, weighing heavily on the euro. Meanwhile, the People's Bank of China has intervened significantly to stabilize its currency amid growing economic concerns in the country.
The US Dollar Index (DXY) surged by 0.5% on Wednesday, buoyed by persistent tariff worries and robust US economic data. Currently, the DXY remains at a high level, maintaining pressure on other currencies. As a result, the EUR/USD pair is trading near a low level of 1.0300, reflecting its vulnerability to the prevailing strength of the dollar.
Similarly, the GBP/USD pair is also under pressure, reaching nine-month lows near 1.2300 during Thursday's European trading hours. In parallel, China's economic outlook is becoming increasingly worrisome due to declining consumer prices, which intensify fears of deflation.
In the cryptocurrency market, BNB price hovered around $696.40 on Thursday after a decline of 4.58% over the previous two days. Momentum indicators such as the Relative Strength Index and Moving Average Convergence Divergence suggest a potential further decline for BNB. Bitcoin's price has also continued its downward trajectory, trading below the $96,000 level on Wednesday after falling over 5% the previous day. This downturn has led to widespread liquidations across the crypto market, amounting to $694.11 million in total liquidations in the last 24 hours.
Despite these challenges, the EUR/USD pair has remained relatively unaffected by broader economic woes. However, upcoming eurozone Retail Sales data and comments from US Federal Reserve officials, known as Fedspeak, are anticipated to have a significant impact on currency markets.