EUR/USD recovering from the trip towards weekly lows By ross_burland EURUSD Technical Analysis DollarIndex Currencies Ukraine
Bulls on the lookout for a bullish engulfing close in the week that follows the Doji close of last week. is back on the bid in late midday afternoon on Wall Street, trading 0.23% higher to 1.0570 at the time of writing. The pair was under pressure from the peak of the day at 1.0592 but it held above the 1.0495 lows.
Overnight, APAC stocks declined amid recent upside in yields and as participants digested a slowdown in Chinese trade data. ''Activity is grinding to a halt under Xi’s COVID Zero policy. Despite pledges to stimulate the economy, the measures announced so far have been minimal,'' analysts at Brown Brothers Harriman explained.
Consequently, EUR/USD sank to 1.04955 in Europe but US yields came under pressure after the benchmark 10-year note hit fresh 3-1/2 year highs as traders awaited consumer price data and the auction of $103 billion in new government debt later this week. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
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