**EUR/USD Rises Amid Mixed US Economic Data, Attention Turns to Trump-Putin Meeting**
*Based on reporting by FXStreet and additional analysis*
**Overview**
The EUR/USD currency pair gained ground on Wednesday following the release of mixed economic data from the United States. The foreign exchange market, already digesting these data releases, is shifting its focus to the high-profile meeting between President Donald Trump and Russian President Vladimir Putin. Currency traders are assessing the potential impacts on both geopolitical relations and global financial markets.
**Key Drivers Behind EUR/USD Movement**
Recent trading sessions have been marked by volatility for EUR/USD due to a combination of macroeconomic data and rising geopolitical tensions. Here are the main catalysts affecting the pair:
– **Mixed US economic releases**: The latest set of figures from the US economy showed a mixed performance, leading traders to recalibrate expectations for the Federal Reserve’s policy path and the dollar’s strength.
– **Focus on Trump-Putin summit**: The upcoming meeting between US President Trump and Russian President Putin is drawing market interest, as traders try to gauge how shifts in international relations might affect risk appetite and currency flows.
– **Eurozone fundamentals**: Economic data from the euro area has also played a role, with improvements in certain sectors providing some support to the euro.
– **Shifts in risk sentiment**: With global trade tensions and political uncertainties, risk sentiment continues to influence movements in major currency pairs like EUR/USD.
**Analysis of Recent US Economic Data**
The Wednesday session saw the release of important US economic indicators including retail sales, producer prices, and regional manufacturing activity reports.
– **US retail sales**: The data came in below market expectations, which initially pressured the US dollar as concerns mounted about consumer spending softness in the world’s largest economy.
– **Producer Price Index (PPI)**: The PPI appeared stronger, suggesting some pricing power and potentially higher inflation down the line.
– **Empire State Manufacturing Index**: The index fell, indicating some weakness in manufacturing activity in the New York region.
Traders interpreted these as a sign that while US growth remains steady, there are pockets of weakness. The combination of softer consumer activity and regional factory data led to some profit-taking in long dollar positions.
**Market Reaction and Technical Picture**
EUR/USD responded positively to the US data releases, as the dollar lost momentum. After finding support in the 1.1660 zone, the pair climbed toward the 1.1700 mark.
– **Support levels**: Immediate support is seen near 1.1660 and then at the 1.1600 psychological level.
– **Resistance levels**: On the upside, resistance is observed around 1.1720 and further up near 1.1750.
Technical indicators are hinting at possible consolidation, but short-term trends favor the euro amid uncertainty over the dollar’s direction.
**Eurozone Data and the ECB’s Stance**
At the same time, recent sentiment and inflation data from the
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