EUR/USD fades part of the recent advance amidst USD recovery – by pabspiovano EURUSD Currencies Majors
EMU final inflation figures next of note in the domestic docket.Sellers seem to have returned to the single currency and dragsEUR/USD extends the choppy trading so far this week and now partially fades Tuesday’s uptick on the back of a decent rebound in the dollar and the continuation of the march north in the German 10-year Bund yields.
The latter appears well underpinned by recent hawkish comments from policy makers on both sides of the ocean, who kept advocating for a tighter-for-longer stance amidst the still elevated inflation., final inflation figures in the broader Euroland will be the sole release on Wednesday. In the US, weekly Mortgage Applications tracked by MBA are due along with the publication of the Fed’s Beige Book.EUR/USD comes under downside pressure following a failed attempt to retest/surpass the ley 1.
Moving forward, hawkish ECB-speak continue to favour further rate hikes, although this view appears in contrast to some loss of momentum in economic: EMU Final Inflation Rate – ECB Accounts, EMU Flash Consumer Confidence – Advanced Manufacturing/Services PMIs .: Continuation of the ECB hiking cycle. Impact of the Russia-Ukraine war on the growth prospects and inflationSo far, the pair is losing 0.05% at 1.0966 and faces the next support at 1.0831 seconded by 1.0788 and finally 1.0756 .
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