Trade Magnates - EURUSD reached a four-day high trading at 1.2412 as the common currency in Asia approached higher levels amid concerns over the turbulence in Washington and the increased fears of a US – Chine trade war.
The EURUSD pair is currently holding near the overbought marks after reaching its highest levels since last Thursday reaching over 1.2400 level. The news that US President fired Secretary of State Rex Tillerson and replaced him with the CIA director, Mike Pompeo, was a shock to the market and increased investors’ concerns. The dollar remained under pressure all through the day, depreciating against its major rivals. The US President, Trump, expelled Tillerson as has different opinions in foreign policies, with Trump clearly having a more aggressive stance.
Today, market participants are expecting the release of important data, starting with ECB President Draghi Speech, Germany’s February inflation figures, and the US February Retail Sales data.