EUR/USD holds on to small gains above 1.16 amid a lack of catalysts

After refreshing its highest level since late August of 2015 at 1.1677 during the early trading hours of the European session, the EUR/USD pair went into a consolidation phase and retraced majority of its daily gains. At the moment, the pair is trading at 1.1637, up only 6 pips on the day.

Although the pair started the day in a calm manner following yesterday’s strong rally, fresh political developments from the U.S. brought another USD selling wave. “U.S. President Donald Trump’s outside legal team spokesman, Mark Corallo, has resigned amid media reports the team is being reorganized as investigations continue into alleged Russian meddling in the U.S. election and possible collusion with Trump’s campaign,” Reuters reported on Friday.

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