EUR/USD extends its upside to two-week highs near 1.0870. The corrective decline in the Greenback bolsters the pair. The ECB meets later in the week and is expected to keep rates unchanged. Additional gains in spot coincided with the persistent downward trend in the Greenback, prompting the USD Index to once again breach the 104.00 zone despite another round of positive performance in US yields across various timeframes.
Similarly, the European Central Bank shared the sentiment that the initiation of an easing cycle could occur sometime during the summer. Echoing this sentiment, ECB Board member Peter Kazimir expressed last week a preference for commencing the bank's easing cycle in June, a view that was bolstered after headline inflation figures in Germany and the broader Euroland edged lower in February vs. still sticky core prints.
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