pair portrays the market’s cautious mood ahead of the top-tier data from the old continent and the US. Also exerting downside pressure on the quote could be comparatively stronger economic fears surrounding the bloc than the US, even as Fitch Ratings downgraded Washington’s credit rating.the European Central Bank On Thursday, Eurozone Producer Price Index for June dropped to the lowest level in three years with -3.4% YoY figures, versus -3.1% expected and -1.6% prior .
On the other hand, the mixed US data triggered the US Dollar’s retreat from the highest level in a month, strong US Treasury bond yields put a floor under the Greenback’s haven demand. Additionally, hopes of witnessing upbeat US employment data, backed by firmer early signals, allow the USD to stay on the bull’s radar despite the latest U-turn.
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