Session Recap: EUR pushes higher, USD weaker

FXStreet (Edinburgh) - The US dollar extends its correction lower during the first half of the week, dropping to the area of 99.60 in terms of the US Dollar Index. The single currency is looking to confirm the breakout of the 1.0600 handle, although the bullish attempt is struggling to overcome the 1.0640 band so far. The sterling can’t find any traction today despite the US-UK spread favouring the pound, with the decline intensified following EUR/GBP buying. The Japanese yen is picking up pace vs. the dollar, dragging USD/JPY to the vicinity of 121.10.

In the data front, the ZEW Survey for the month of March came in mixed in Germany and surpassed expectations in the euro area. Further releases saw EMU’s final consumer prices contracting 0.3% on a year to February, matching consensus,