EUR/USD retreats from daily high ahead of ECB minutes, USD rebound

• EUR/USD holds mild losses on Thursday after the previous day gains.
• US Dollar Index rebounds slightly below 92.90, still below the last week’s high.
• The Euro remains under pressure on downbeat data.

The EUR/USD pair has been tracking minor losses in the Asian session. The pair hovers in a very narrow trade band with a negative bias.

At the time of writing, the EUR/USD is trading at 1.1763, down 0.06% on the day.

The US Dollar Index (DXY), which tracks the performance of the greenback against the six majors, rebounds near 93.00, which capped the gains for EUR/USD

The greenback pared some of its gains amid the fully approved drug Pfizer-BioNTech by US FDA. The market took it as a sign that the Delta coronavirus variant won’t derail the global economic recovery.

The single currency is weighed down by the downbeat German data, the EU largest economy. The Ifo Business Climate indicator for Germany fell to 99.4 in August, much below the market forecast of 100.4.

Investors turn their attention to US Gross Domestic Product (GDP) index, Initial Jobless Claims, and ECB Meeting Minutes to take trade insight. 

EUR/USD additional levels