USD Weakens: Asian Markets Rally, EUR/USD Tests 1.09 Resistance
The US dollar retreated 0.15% during Asian and European sessions as risk appetite improved amid positive trade talk developments. Asian equities led the rally with the Nikkei up 1.2% and Shanghai Composite gaining 0.8%, pressuring safe-haven dollar demand. EUR/USD advanced to 1.0890, approaching the key 1.09 psychological resistance level. GBP/USD climbed 0.2% to 1.2745, while USD/JPY slipped 0.3% to 155.20 as yen strength emerged. European markets followed Asia's lead with DAX futures up 0.6%. The dollar index (DXY) fell to 104.25, testing support at the 50-day moving average. Traders are positioning for potential further dollar weakness if risk-on sentiment persists. Key levels to watch include EUR/USD resistance at 1.0900 and DXY support at 104.00, with breakthrough potentially accelerating the current moves.
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