EUR/USD extends the bounce to the 1.0660 region, USD looks offered – by pabspiovano EURUSD Currencies Majors
The dollar struggles to regain traction amidst declining US yields.advances modestly at the beginning of the week and manages to revisit the 1.0660 region.EUR/USD looks to extend Friday’s marked advance north of 1.0600 the figure on Monday amidst some indecision surrounding the greenback and the generalized downside pressure in US and German yields.
In the domestic calendar, the Construction PMI in Germany improved to 48.6 in February, while the Investor Confidence in the broader Euroland measured by the Sentix Index unexpectedly worsened to -11.1 for the current month. In the meantime, price action around the European currency should continue to closely follow dollar dynamics, as well as the potential next moves from the ECB after the bank has already anticipated another 50 bps rate raise at the March event.
: Continuation of the ECB hiking cycle amidst dwindling bets for a recession in the region and still elevated inflation. Impact of the Russia-Ukraine war on the growth prospects and inflationSo far, the pair is advancing 0.05% at 1.0638 and the breakout of 1.0715 would target 1.0804 en route to 1.1032 . On the other hand, there is an immediate support at 1.0532 seconded by 1.0481 and finally 1.0326 .
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