EUR/USD retreats towards 1.0700 despite initial US debt ceiling deal, US NFP, Eurozone inflation eyed – by anilpanchal7 EURUSD ECB Fed Inflation NFP
ir grinds higher following a corrective bounce off the lowest levels since March 20, marked the previous day, but fails to gather upside momentum amid mixed feelings and holidays in the US and most part of the Eurozone on Monday.
US President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling through January 2025. The deal, however, lacks support from some of the extreme leftists and rightists due to the compromise each party had to do to reach the agreement. It should be noted that the debt ceiling deal needs to pass through the House on Wednesday and the Senate by June 05 to avoid the looming ‘catastrophic’ default.
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