The euro started trading earlier in the week with a modest gain against the US dollar.
While there have been many closures implemented in some of the region’s largest economies, vaccine launch delays and weaker growth forecasts, the euro has quietly moved higher since the beginning of the month from 1.17000 to 1.19000.
Better -than -expected retail sales data pushed the currency higher earlier in the week, with consumer spending soaring 3% in the European Zone in February, boosting market optimism over a recovery.
This indicates that the delayed recovery is not threatened and the outlook keeps economic activity going despite the gloomy short -term expectations.
However, the currency weakened slightly at the start of the Asian session, following a rise in the US dollar ahead of the release of US inflation data tonight and retail sales on Thursday.
Against six other major currencies, the greenback dollar traded slightly higher at 92.18.
The launch of vaccinations and a $ 1.9 trillion stimulus package is expected to drive a higher spending spike in March.
With an expected increase of 5.7%, it will boost demand for the greenback dollar and increase US 10 -year bond yields.
