On Wednesday, EUR/USD met further selling interest, adding to Tuesday’s pullback and revisiting the key 1.0900 neighbourhood on the back of the continuation of the US Dollar’s (USD) weekly comeback and a generally positive tone in global stock markets.
EUR/USD faced extra downside pressure and approached 1.0900. The Dollar maintained its weekly recovery on the back of the weak Yen. Industrial Production in Germany came in above estimates in June. On Wednesday, EUR/USD met further selling interest, adding to Tuesday’s pullback and revisiting the key 1.0900 neighbourhood on the back of the continuation of the US Dollar’s weekly comeback and a generally positive tone in global stock markets.
Still around the Dollar and the Fed, markets now see an increased probability of a 50 bps rate cut in September. According to CME Group’s FedWatch Tool, there is nearly a 65% chance of this move next month. If the Fed implements more significant rate cuts, the policy divergence between the Fed and the ECB could narrow in the medium term, which may support further gains in EUR/USD.
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