Euro pulls back from multi-month high against dollar; ECB in focus

Euro is seen retreating from a around three and half year high against the dollar as all eyes turn to ECB rate decision later today which is widely expected to cut rates. Moreover, a mild uptick in US dollar index overseas from a three year low is curbing gains in the counter. The dollar index that measures the greenback against a basket of currencies is quoting at 99.35, up 0.21% on the day. US data showed better-than-expected US retail sales, which rose 1.4% month-over-month in March to $734.9 billion, above the forecasted 1.3%. Annual growth stood at 4.6%, pointing to resilient consumer activity. Currently, EURUSD is quoting at $1.1400, down 0.23% on the day following an over 3% gain in the previous session tracking deepening loses in the dollar index on uncertainty of the possible repercussions of the trade war on US economy. Concerns over the economic slowdown in the US are likely to drag the US Dollar lower which could keep the EURUSD pair supported.

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