EURUSD Exchange Rate

With orders for transportation equipment showing a substantial increase, the Commerce Department released a report on Wednesday showing new orders for U.S. manufactured durable goods surged by more than expected in the month of March. The report said durable goods orders soared by 2.6 percent in March after climbing by a downwardly revised 0.7 percent in February.

Germany's business sentiment strengthened for the third straight month to a near one-year high in April on a notable improvement in confidence among service providers. The business confidence index climbed to 89.4 in April from a revised 87.9 in March, monthly survey results from the ifo Institute showed on Wednesday. This was the highest score since May 2023, when the reading was 91.4.

With orders for transportation equipment showing a substantial increase, the Commerce Department released a report on Wednesday showing new orders for U.S. manufactured durable goods surged by more than expected in the month of March.

The U.S. dollar weakened against the euro and the pound in the Asian session on Wednesday.

he U.S. equity markets saw a halt in their two-day rally, primarily pulled down by disappointing earnings from Meta Platforms. As a result, both the Nasdaq and S&P 500 were left nearly unchanged, while the Dow Jones Industrial Average closed lower.

The EUR/USD pair rose to 1.0707 on Wednesday, driven by increased local risk appetite and the belief that the currency was significantly oversold against the US dollar. This resurgence indicates a temporary rebalancing in the currency market.

U.S. markets experienced significant gains, with both the Nasdaq and S&P 500 closing up over 1% on impending earnings reports from tech giants.

The market spotlight shifts to the U.S. equity market, particularly with the impending release of earnings reports from tech giants .