EUR/USD extends rally above 1.1600 as ceasefire sinks US Dollar

  • EUR/USD extended its gains for the fourth straight day, up by 0.39%, even though it trades off the yearly highs of 1.1641, driven by US Dollar weakness spurred by a de-escalation of the Middle East conflict. Israel and Iran agreed to a ceasefire, which improved the market mood and ultimately weighed on the Greenback.