The main currency pair keeps the bid tone intact and attempts a run towards 1.1350 levels on expectations of upbeat ZEW surveys from Germany as well as the Euro zone. The German ZEW survey is expected at 50.8 for April, little changed from 50.7 last month, although expectations are seen edging up from 4.3 to 8.0.
Overnight, the dollar remained broadly lower against the other major currencies in quiet trade on Monday, as markets were jittery after major oil producers failed to reach an agreement on an output freeze and as Friday’s downbeat U.S. data continued to weigh.
The US dollar remains subdued against a basket of six major currencies, despite hawkish comments from Fed official Rosengren delivered in early Asia. The US dollar index now loses -0.08% to trade around 94.40 levels.
The major remains largely unperturbed by a better risk tone in the markets as focus now shifts towards the ZEW surveys and the housing data from the US for further momentum on the major.