EUR/USD extended its weekly recovery on Thursday, marking its fourth consecutive daily gain and challenging the critical 200-day Simple Moving Average (SMA) around 1.0870, coming at shouting distance from the key 1.0900 barrier.
EUR/USD extended further its march north and approached 1.0900. The US Dollar kept its price action subdued amidst lower US yields. Inflation in the broader euro bloc remained sticky in October. EUR/USD extended its weekly recovery on Thursday, marking its fourth consecutive daily gain and challenging the critical 200-day Simple Moving Average around 1.0870, coming at shouting distance from the key 1.0900 barrier.
Meanwhile, Governing Council member Fabio Panetta warned that the ECB should avoid reducing interest rates too cautiously, as this could cause inflation to drop excessively. At a banking conference in Rome, Panetta added that monetary conditions in the eurozone remain restrictive and suggested that further easing may be necessary. Across the road, ECB board member Isabel Schnabel advocated for a gradual approach to monetary policy, opposing sharp rate cuts.
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