The US Dollar (USD) added to the negative start to the week and receded marginally on Tuesday, lending some tepid support to the risk complex and lifting EUR/USD to as high as the 1.0760 zone, where some initial resistance seems to have emerged.
EUR/USD’s upside impetus faltered around 1.0760. The Greenback navigated an unconvincing range in the low-105.00s. Economic Sentiment in Germany fell short of estimates in June. The US Dollar added to the negative start to the week and receded marginally on Tuesday, lending some tepid support to the risk complex and lifting EUR/USD to as high as the 1.0760 zone, where some initial resistance seems to have emerged.
In the near term, the recent rate cut by the European Central Bank in contrast to the Federal Reserve's decision to hold rates has widened the policy divergence between the two central banks, potentially exposing EUR/USD to additional weakness. However, looking ahead, the Eurozone's emerging economic recovery and perceived slowdowns in the US economy are expected to help mitigate this discrepancy, offering some support to the currency pair.
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