EUR/USD lifted by Wall Street onto 1.12 handle - FXStreet

Valeria Bednarik, chief analyst at FXStreet exlained that, as usual, financial activity started in slow motion this Monday, fueled further by half Europe being down on holidays.

Key Quotes:

"The dollar, however, remained under selling pressure, edging lower against all of its major rivals, except for the Pound, weighed by poor macroeconomic figures that keep delaying chances of a FED's rate hike.

There were no macroeconomic releases in the EU, while the US released the New York manufacturing survey, showing that business conditions fell to -4.2 from previous 0.55, weighing on the USD. Wall Street surged to fresh all-time highs, helping the EUR/USD pair trading up to 1.1203 during the American afternoon.

This Tuesday will bring a more interesting macroeconomic calendar, with German ZEW Survey, European Trade Balance, and more relevant US inflation figures for July, alongside with other minor reports. The focus will be in inflation, expected generally unchanged from previous month reading, as an upward surprise in there can give the dollar a breath."