EUR/USD drops to one-week low, closer to mid-1.0800s amid notable USD strength – by hareshmenghani EURUSD NFP Fed RiskAppetite Currencies
Reviving bets for more rate hikes by the Fed and geopolitical tensions benefit the Greenback.EUR/USD pair
attracts fresh sellers following an early uptick to the 1.0915 region and turns lower for the second successive day on Monday. This also marks the third day of a negative move in the previous four and drags spot prices to a one-week low, around the 1.0860-1.0855 region heading into the North American session.
A combination of supporting factors assists the US Dollar to gain strong follow-through traction on the first day of a new week, which, in turn, exerts downward pressure on the EUR/USD pair. In fact, the USD Index, which tracks the Greenback against a basket of currencies, spikes to a one-week high amid reviving bets for further policy tightening by the Federal Reserve .
Investors, however, seem convinced that the US central bank will cut rates in the second half of the year amid signs of slowing economic growth. This, along with the flight to safety, triggers a fresh leg down in the US Treasury bond yields and might hold back the USD bulls from placing aggressive bets.
Traders might also prefer to move to the sidelines ahead of the release of the latest US consumer inflation figures and the FOMC monetary policy meeting minutes on Wednesday. This week's
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