EUR/USD is under pressure, trading in the 1.1060s on Wednesday, after the pair fell from 1.1135 on Tuesday, in a sell-off that amounted to a 0.60% one-day decline.
EUR/USD extends losses due to the Euro’s weakness and increasing US Dollar strength. The Euro depreciates due to lower inflation data; the Dollar benefits from strong jobs data. An escalation of the conflict in the Middle East has further increased safe-haven flows to USD. Lower-than-expected Eurozone inflation data was partly responsible for the sharp decline. The bloc’s Harmonized Index of Consumer Prices grew by 1.8% YoY in September, down from 2.2% previously and below expectations of 1.9%.
More employment-related data on the horizon The main releases likely to impact EUR/USD on Wednesday are the Eurozone Unemployment Rate for August; US ADP Employment Change data for September and comments from Federal Reserve officials, including Fed Governor Michelle Bowman and Richmond Fed President Thomas Barkin. Technical Analysis: EUR/USD possibly beginning descent within multi-year range EUR/USD has been contained within a broad multi-year range that has a ceiling at roughly 1.
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