The US dollar is moving near a three-week low as US Treasury yields fell sharply, at the same time the euro recovers as Italy's political tensions eased and expectations that European Central Bank will end its monetary stimulus program became very soon.
The dollar index rose slightly today at 93.68, following four consecutive days of losses. The EUR has rebounded from 10-month lows at 1.1509, and currently the EURUSD is trading at 1.1755 after retesting the broken neckline of the inverted head and shoulders pattern on the 4-hour time frame and is expected to target 1.1960 levels.
Today, the Group of Seven summit in Canada comes at a time of escalating trade tensions between the United States and its allies as a result of Trump's protectionist policy with his partners, and he is not willing to give up his opinion on this issue amid the opposition of many countries, putting more pressure on the US dollar.
