The bullish performance of the US Dollar (USD) sparked a mild knee-jerk in EUR/USD, which failed to extend the recent recovery further north of the 1.0710-1.0715 band on Wednesday.
EUR/USD faltered once again above the 1.0700 hurdle. The Dollar staged a decent rebound amidst higher yields. The focus now shifts to USD Q1 GDP and PCE. The bullish performance of the US Dollar sparked a mild knee-jerk in EUR/USD, which failed to extend the recent recovery further north of the 1.0710-1.0715 band on Wednesday.
Looking ahead, the relatively subdued economic fundamentals in the Eurozone, combined with the resilience of the US economy, reinforce expectations for a stronger Dollar in the medium term, especially considering the likelihood that the ECB may initiate rate cuts before the Fed. In such a scenario, EUR/USD is expected to experience a more pronounced decline in the relativelymedium-term horizon.
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