The EUR/USD pair extends its recovery beyond 1.0850 on Thursday, as market players keep dropping the US Dollar, while the Euro benefited from signs of life in the local economy.
EUR/USD Current price: 1.0868 The European HCOB Services PMIs unexpectedly indicated expansion in March. Tepid United States data maintain the US Dollar under selling pressure. EUR/USD keeps advancing despite near-term overbought conditions. Stock markets trade with a better tone on Thursday, providing additional support to USD’s rivals despite Treasury yields continuing their bullish route. Ahead of Wall Street's opening, yields flirt with monthly highs, without signs of turning south.
This deceleration in price growth may offer the European Central Bank more leeway in its monetary policy decisions, further supporting the case for a June rate cut. Finally, the European Central Bank released the Accounts of the March policy meeting, which showed that inflation in the Eurozone is expected to continue its downward trend in the coming months, strengthening the case for considering rate cuts.
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