EUR/USD is trading with a gain around 0.2% on the weakening of the US dollar against major world currencies. Since the beginning of the day, USD dollar index has fallen 0.25% after reports that the China Deputy Minister of Commerce was invited to Washington for negotiations on resolving the differences that led to an aggravation of trade relations between the two countries.
Earlier, US dollar received serious support amid the worsening geopolitical situation in the world playing the role of a defensive asset. Corrective growth of the currency pair was partly connected with technical factors, the pair was heavily oversold that limited the opportunities for further price decline. The level of 1.13, which was tested yesterday, was a very good opportunity for partial fixation of profit.
However, if we consider the situation more globally, then there are no serious fundamental factors for the further growth of the currency pair. Today, like yesterday, in Europe there is no important macroeconomic statistics that could support the demand for the euro. In the US, yesterday's data on retail sales surpassed market expectations, which should have a positive impact on the dollar. Today, investors expect a large US block of data on construction and the report of the Federal Reserve Bank of Philadelphia, which can support the demand for the American currency.