July 5, 2022 04:26AM ET
By: AnalysisWatch
The EUR/USD has extended its daily decline, falling to its lowest level since December 2002, below 1.0340, under pressure from general dollar strength.
The US dollar index, which tracks the greenback's performance against its major peers, is trading at its highest level in almost two decades and is pushing towards 106.00.
Cautious market sentiment is giving the dollar an extra boost after the long weekend in the US. The Euro Stoxx 600 Index gave back its gains after opening in positive territory, and U.S. stock index futures are down about 0.2%.
In the second half of the day, the only economic data on the agenda in the U.S. is the new orders for the month of May. Meanwhile, the S&P Composite PMI for the euro zone reached 52 in June, indicating a weak expansion of economic activity in the private sector.