Euro traded higher by 1.3 percent in the last week on account of weakness seen in the US Dollar Index after the disappointing release of economic data from the nation. Moreover, the EU’s statistical agency said that the number of people unemployed in the euro-zone fell by 105,000 to 16.65 million.
However, sharp gains were restricted after the disappointing release of inflation data from the Euro-zone which came well below the European Central Bank’s target of just below 2 percent for several years. Moreover, the rising “Brexit” risks are still keeping the investors cautious with respect to making any risky investments.
This has left the Euro currency in a pressurized state. The currency made a weekly high of 1.1042 and closed at 1.1012 on Friday. Euro is expected to trade higher as a significant shift in negative sentiment last week prompted the traders to place new bets which will keep the shared currency supportive.