The renewed downside momentum of the US Dollar (USD) prompted a decent reaction in EUR/USD on Thursday, extending the recent recovery to the 1.0740 region, or two-week tops.
EUR/USD rose to a new two-week high around 1.0740. Advanced US Q1 GDP came in short of estimates. Markets’ attention now shifts to the upcoming US PCE. The renewed downside momentum of the US Dollar prompted a decent reaction in EUR/USD on Thursday, extending the recent recovery to the 1.0740 region, or two-week tops.
Looking ahead, the relatively subdued economic fundamentals in the Eurozone, coupled with the resilience of the US economy, bolster expectations for a stronger Dollar in the medium term, particularly considering the likelihood of the ECB cutting rates before the Fed. In such a scenario, EUR/USD is anticipated to undergo a more significant decline in the short term.
Recommended Currencies ECB Fed
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD Forecast: Next relevant hurdle comes at the 200-day SMAA decent bounce in EUR/USD left behind six consecutive daily drops, including a new YTD bottom near 1.0600 the figure, regaining the mid-1.0600s in response to some loss of impetus in the Dollar’s rally.
Read more »
EUR/USD Forecast: US Dollar soars as markets turn risk-averseThe EUR/USD pair surged to 1.0729 during European trading hours, retaining gains and developing above the 1.0700 threshold ahead of the critical United States (US) Gross Domestic Product (GDP) report.
Read more »
EUR/USD Forecast: Euro could extend rebound while 1.0700 support holdsEUR/USD gained traction and climbed to its highest level in over 10 days above 1.0720 early Thursday.
Read more »
EUR/USD Forecast: Not out of the woods yetThe bullish performance of the US Dollar (USD) sparked a mild knee-jerk in EUR/USD, which failed to extend the recent recovery further north of the 1.0710-1.0715 band on Wednesday.
Read more »
EUR/USD Forecast: US data missed again, bad news that are good news?The EUR/USD pair retreated from 1.0713, a fresh weekly high, and trades at around 1.0680 ahead of Wall Street’s opening.
Read more »
EUR/USD Forecast: Euro struggles to build on Tuesday's gainsEUR/USD stays in a consolidation phase at around 1.0700 early Wednesday after closing in positive territory on Tuesday.
Read more »