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fxAug 7, 2026, 3:14 PM

EUR/USD Hits Multi-Week High as Middle East Optimism Fades

EUR/USD surged to a fresh multi-week high around 1.1560 before the weekly close, as initial optimism about a Middle East ceasefire gave way to delays and uncertainty.

EURUSD

EUR/USD climbed to a new multi-week high, trading near 1.1560 ahead of the close, capping a week shaped by shifting geopolitical sentiment.

Early in the week, hopes for an end to the Middle East conflict lifted risk appetite and weighed on the dollar. However, those gains were trimmed as ceasefire pledges faced delays and implementation appeared to weaken.

The pair\'s near-term direction remains tied to US inflation readings and the ebb and flow of war-related headlines, with both forces expected to keep market volatility elevated.

Source: FXStreet Forex News