EUR/USD advances to 1.0900 as budget deficit concerns weigh on USD
EUR/USD has gained 0.4% to trade at 1.0900 as the US dollar faces pressure amid concerns over the widening US budget deficit. The US Treasury reported a $1.4 trillion deficit for the first seven months of the fiscal year, up 151% compared to the same period last year. This has raised doubts about the sustainability of US fiscal policy and the dollar's long-term strength. Meanwhile, the euro is finding support from better-than-expected Eurozone PMI data, which showed the manufacturing sector contracting at a slower pace in May. EUR/USD is now approaching resistance at 1.0920, with a breakout likely to target the 1.1000 psychological level. Support is seen at 1.0850.
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