EUR/USD Gains Ahead of Data-Heavy Week

The euro gained against the US dollar during the Tuesday’s quiet session ahead of the rest of the week, which will be very heavy on economic data from the United States. The shared 19-nation currency also gained on its other most-traded rivals.

Analysts speculated that the drop was caused by investors who were unwinding their long positions after the long rally. The dollar was rising for three weeks straight against the basket of major currencies. With the three next days full of important macroeconomic reports, speculators took their chance to book profits during the very quiet and uneventful session.

US employment data will be the major highlight for the rest of the week. A private report from Automatic Data Processing will be released tomorrow, jobless claims data is scheduled for Thursday, and the week will culminate with nonfarm payrolls on Friday.

EUR/USD rose from 1.1732 to 1.1762 as of 16:01 GMT today. EUR/JPY gained from 132.28 to 132.65, and EUR/GBP went up from 0.8834 to 0.8874.

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