The EUR/USD pair lacks any firm intraday direction on Wednesday and oscillates in a narrow trading band, around the 1.0700 round-figure mark during the Asian session.
EUR/USD struggles to gain any meaningful traction on Wednesday despite subdued USD price action. The risk-on mood and declining US bond yields cap the recent USD rcovery from a multi-week trough. Expectations that the ECB is done raising rates seem to undermine the Euro and keepa lid on the pair.
Traders might also refrain from placing aggressive directional bets ahead of Fed Chair Jerome Powell's speech later during the early North American session. In the meantime, Tuesday data showing a larger-than-expected fall in German Industrial Production in September might continue to undermine the Euro and contribute to capping the EUR/USD pair.
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