The EUR/USD pair regains some positive traction on Thursday and reverses a part of the previous day's sharp retracement slide from the 1.1215 area, or its highest level since July 2023.
EUR/USD attracts some dip-buyers and stalls the overnight pullback from the YTD peak. Dovish Fed expectations and a positive risk tone undermine the USD, offering support. Traders now look to US macro data and Fed Chair Powell’s speech for a fresh impetus. The EUR/USD pair regains some positive traction on Thursday and reverses a part of the previous day's sharp retracement slide from the 1.1215 area, or its highest level since July 2023.
In the meantime, the latest optimism led by a slew of stimulus measures announced this week by China remains supportive of a generally positive risk tone. This, in turn, might continue to undermine the safe-haven Greenback and act as a tailwind for the currency pair. That said, bets for at least 25 bps rate cut by the European Central Bank in October might keep a lid on any sharp appreciation for the shared currency.
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