The EUR/USD pair remains depressed during the Asian session on Friday and touches a near three-week low, around the 1.0455 area in the last hour.
EUR/USD struggles near a multi-week low and is pressured by a combination of factors. The ECB ’s dovish outlook is seen undermining the shared currency amid a bullish USD. Bets that the Fed will adopt a cautious stance and rising US bond yields support the buck. Moreover, the fundamental backdrop suggests that the path of least resistance for spot prices is to the downside and supports prospects for an extension of the recent downtrend.
The outlook remains supportive of a further rise in the US Treasury bond yields and assists the US Dollar to preserve its gains registered over the past week or so, to a fresh monthly peak touched on Thursday. Apart from this, persistent geopolitical risks stemming from the Russia-Ukraine war and Middle East tensions, along with trade war fears, underpin the safe-haven buck and exert downward pressure on the EUR/USD pair.
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