EUR/USD probes three-day downtrend near 0.9750 as DXY retreats ahead of US inflation, Fed Minutes – by anilpanchal7 EURUSD Fed Inflation RiskAppetite Recession
Monday. Also likely to have put a floor under the prices could be the cautious mood ahead of this week’s Federal Open Market Committee Minutes and the US Consumer Price Index for September.
That said, the US Dollar Index struggles around a one-week high after rising for the last three consecutive days. In doing so, the greenback gauge pauses the previous week’s reversal of the 20-year high, marked late in September. While the US holiday probed the DXY bulls, China’s return and the market’s chatters over the global central banks’ likely pause in the rate hike trajectory, ex-Fed, seemed to have also probed the EUR/USD bears of late.
It’s worth noting that Friday’s US jobs report bolstered the hawkish Fed bets while the Reserve Bank of Australia’s lesser-than-forecast rate hike and the European Central Bank’s The US jobs report for September showed that the headline rose to 265K versus the 250K expected. Also portraying the strength of the US employment conditions, as well as weighing on the market’s mood, was an unexpected fall in the Unemployment Rate to 3.5% compared to forecasts suggesting no change in the 3.7% prior.
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