EUR/USD retakes 1.1100 mark on weaker USD, lacks follow-through ahead of ECB – by hareshmenghani EURUSD Fed ECB Recession Currencies
an session. Spot prices recover further from a nearly two-week low, around mid-1.1000s touched on Tuesday and remain well supported by some follow-through US Dollar selling.
In fact, the USD Index , which tracks the Greenback against a basket of currencies, extends its pullback from a two-week high touched on Tuesday in the wake of firming expectations that the Federal Reserve is nearing the end of its rate-hiking cycle. The USD bulls, meanwhile, seem rather unimpressed by the fact that the Fed left the door open for one more interest rate hike in September or November.
Furthermore, hopes for more stimulus from China remain supportive of the underlying bullish sentiment across the global equity markets. This is seen as another factor weighing on the safe-haven USD, which, in turn, acts as a tailwind for the EUR/USD pair. It, however, remains to be seen if bulls can capitalize on the move or opt to lighten the bets ahead of the crucial European Central Bank meeting this Thursday.
Moreover, the minutes of the ECB meeting held in June revealed that policymakers remain determined to continue the current hiking cycle to bring inflation back to target. That said,officials recently delivered mixed signals regarding the next policy moves on the back of emerging signs of a cooling economy. The fears were further fueled by this week's disappointing release of the flash Euro Zone PMIs, which pointed to a sharp slowdown in business activity across the region.
Traders might also refrain from placing aggressive bets heading into the key central bank event risk and ahead of important US macro releases, due later during the early North American session. Thursday's US economic docket features the Advance Q2
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