EUR/USD managed a decent recovery on Monday, paring some of its multi-week losses after reaching new lows around 1.0760 in the previous week.
EUR/USD partially trimmed Friday’s losses and returned above 1.0800. The US Dollar navigated a vacillating range amidst higher US yields. Markets’ attention now shifts to upcoming key data releases in the US and EMU. Despite the rebound, the pair remains below the critical 200-day Simple Moving Average at 1.0869, a situation that is expected to leave the door open to further weakness in the short-term horizon.
Joachim Nagel cautioned against ending the inflation battle too early, and Martins Kazaks noted that while eurozone inflation may ease faster than anticipated, gradual rate cuts are still necessary given the high uncertainty. Eurozone inflation, as measured by the Harmonised Index of Consumer Prices , fell to 1.7% year-on-year in September, below the ECB's target, amid stagnant GDP growth. This scenario may strengthen the case for further ECB easing in the months ahead.
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