Following the bearish start to the week, EUR/USD staged a rebound and closed virtually unchanged on Monday. With risk flows returning to markets early
EUR/USD gained traction and rose toward 1.0600 in the European session. The pair's near-term technical outlook points to a build-up of bullish momentum. Improving risk mood hurts the USD as focus shifts to central bank speak. Tuesday, the pair extended its recovery toward 1.0600. After a three-day weekend, US Treasury bond yields opened sharply lower and made it difficult for the US Dollar to find demand. Dovish comments from Federal Reserve officials also put additional weight on the USD.
For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR /JPY . In the second half of the day,Fed Governor Christopher Waller and Minneapolis Fed President Neel Kashkari will be delivering speeches. In case markets continue to price in a no change in the Fed's policy rate for the rest of the year, the USD could stay under selling pressure and help EUR/USD stretch higher.
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