EUR/USD Weekly Forecast: Federal Reserve and Nonfarm Payrolls spell action next week

The EUR/USD pair temporarily reconquered the 1.0700 threshold this week, settling at around that round level.

United States inflation and growth-related figures spurred speculation the Fed will remain on hold for longer. European policymakers continue to pave the way towards a June rate cut. EUR/USD battles to regain the upside in a risk-averse environment. The US Dollar lost its appeal following discouraging United States macroeconomic data indicating tepid growth and persistent inflationary pressures.

Additionally, the German IFO Survey showed Business Climate improved in April by more than anticiptated, hitting 89.4 after printing 87.9 in March. The Current Assessment and Expectations sub-component also surpassed expectations while improving from previous readings. Meanwhile, European Central Bank officials kept paving the way for a rate cut in June.

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