EURUSD hover at their best level for the year so far

Euro is seen hovering at its highest level in almost eight months against the dollar tracking persistent downside in the greenback. The single common currency is at its highest level for the year, so far. The US dollar is seen under pressure amid easing concerns surrounding a recession in the US and rising possibility of a near term interest rate cut. The US dollar index that measures the greenback against a basket of currencies is quoting at 101.82, its lowest level since January this year while US benchmark treasury yields are lingering below 3.9%. EURUSD pair is currently quoting at $1.10, its best level so far this year. Later this week, the minutes of the Federal Reserve's latest monetary policy meeting may shed additional light on the outlook for interest rates along with remarks by Fed Chair Jerome Powell and other Fed officials at the Jackson Hole Economic Symposium.

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