The single European currency had fallen a little earlier to near 1.15 level, having lost some of its recent significant gains as developments on the front between Israel and Iran supported the US dollar, which after a considerable period of time has been act as a safe haven currency.
The past two days have been very positive for the European currency, which continues to take advantage of the concern that President Donald Trump has brought to the markets with his enigmatic policies and controversial personality.
The de-escalation in US Treasury yields continues with the 10-year bond yield falling below 4.40%, but the yields remaining high relative the Fed's base rate.
Last night's Israeli airstrike on Iranian nuclear infrastructure targets was quite expected, as in recent days the media has been constantly speculating about the Israeli government's intentions to strike targets in Iran. But tt is logical that it should scare the markets and bring the possibility of a broader geopolitical flare-up back high on the agenda.
The US dollar appears to have been temporarily favored by such an assumption, but it will take more to return to strong upward momentum as the doubts of positions in the US currency remains on the table.
Despite yesterday's temporary deviation slightly above the 1.16 level, in general the exchange rate remains in the familiar environment of recent weeks between the 1.10 - 1.16 levels with the chances now increasing regarding the European currency's breakout towards higher levels.
On today's agenda stands out the University of Michigan's survey on consumer confidence in the United States.
There are no significant changes in my thinking. The signs of fatigue on Euro rally above the 1.15 level, as I noted in yesterday's article, have indeed come to the table, albeit with a bit of a delay, supported by developments in the Persian Gulf.
I remain on hold, expecting possible levels near 1.17 to 1.18 for the possibility of buying the US dollar as I estimate that there will be conditions for market consolidation and the pair it will not be easy to climb to 1.20 without first digesting some levels.
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