The EUR/USD pair prolongs its recent corrective slide from the vicinity of mid-1.0900s, or a four-month high touched last week, and remains under some selling pressure for the second straight day on Wednesday.
EUR/USD drifts lower for the second straight day and drops to a nearly two-week low. The ECB ’s dovish outlook continues to undermine the Euro and exerts some pressure. September Fed rate cut bets cap the USD and should lend support ahead of flash PMI s. This also marks the fourth day of a negative move in the previous five and drags spot prices to a nearly two-week low, around the 1.0840 region during the Asian session.
Traders might also prefer to wait on the sidelines ahead of this week's key US macro data – the release of the Advance Q2 GDP print on Thursday and the Personal Consumption Expenditures Price Index data. In the meantime, the flash Eurozone/US PMIs will be looked upon for short-term trading opportunities later this Wednesday.
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