EUR/USD rises 0.3% as European indices post weekly gains, Fed cut hopes grow
EUR/USD advanced 0.3% to 1.0580 as European equity markets closed higher, with Germany's DAX gaining 3.19% for the week and Italy's FTSE MIB up 0.32% on the day. The euro's strength against the dollar was fueled by risk-on sentiment and growing expectations of a December Federal Reserve rate cut, which weakened the greenback across the board. European indices posted solid weekly gains, with Spain's Ibex leading at +3.47%, reflecting improved investor confidence in the eurozone economy. The positive momentum extended to US markets, with the Dow industrial average showing strength into the afternoon session. Technical indicators suggest EUR/USD faces immediate resistance at 1.0600, while support holds at 1.0550. Traders are positioning for potential further euro gains if Fed rate cut expectations solidify, though any hawkish Fed commentary could quickly reverse the current uptrend.
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