Optimism over a potential US-Iran peace deal lifts the euro, while traders brace for April US jobs data due later today.
The EUR/USD pair climbed to 1.1730 in early Asian trading Monday, driven by optimism around a possible US-Iran peace agreement. Reports indicate Iran is reviewing a US proposal to end the conflict, which could ease Middle East tensions and weaken the safe-haven USD.
Markets remain cautious ahead of the April US Nonfarm Payrolls report, expected to show 62,000 jobs added and an unchanged 4.3% unemployment rate. A stronger-than-expected print could reinforce Fed hawkishness, supporting the USD.
The euro, the second-most traded currency globally, accounts for 31% of daily forex transactions, with an average daily turnover exceeding $2.2 trillion.