EUR/USD retreats to 1.0600 as firmer yields limit US Dollar losses – by anilpanchal7 EURUSD RiskAppetite ECB Fed Recession
ECB hawks, upbeat German data favor buyers but recession woes challenge upside moves.
US Dollar needs support from data as Fed policymakers fail to defend bulls, US Treasury yields grinds higher.steadies around 1.0600, after paring the week-start gains, as buyers run out of steam during Tuesday’s Asian session. The major currency pair began the week on a positive note amid hawkish bias surrounding the European Central Bank , especially after President Christine Lagarde highlighted the need for more rate hikes. Additionally favoring the EUR/USD bulls were firmer German sentiment numbers from the IFO institute for December.and backed further rate increases, which in turn propelled EUR/USD prices on Monday.
It’s worth noting that the German IFO Business Climate Index climbed to 88.6 in December versus the previous reading of 86.3 and the forecast of 87.2. Details suggest that the IFO Current Economic Assessment for the nation improved to 94.4 points in the reported month compared to November's 93.1 and 93.5 expected. Further, the IFO Expectations Index – indicating firms’ projections for the next six months, rose to 83.2 in December from the previous month’s 80.
Moving on, EUR/USD buyers are likely to remain hopeful as the ECB hawks have an upper hand and the recent data from the bloc has been impressive. Even so, today’s German ProducersEUR/USD bears remain hopeful as the corrective bounce off the 10-DMA, around 1.0585 by the press time, failed to cross the previous support line from November 30, close to 1.0655 at the latest.
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