The selling bias prevails around the European currency on Wednesday and is now motivating EUR/USD to extend the sideline theme in the low-1.1700s.
EUR/USD looks to trade, ECB-speak
The pair is down for the second day in a row, extending the rejection from Monday’s tops in the boundaries of 1.1800 the figure against the backdrop of increasing concerns over the US-China trade war.
In fact, the risk aversion sentiment re-emerged among traders after the US threatened to impose an extra $200 billion tariffs on Chinese products and the subsequent retaliatory answer by China, all rendering in moderate losses in Asian markets earlier today.
Looking ahead, ECB’s M.Draghi, Y.Mersch, P.Praet and D.Nouy are due to speak in an ECB event, whereas June’s Producer Prices and the weekly report by the EIA are only due across the pond.