EUR/USD retreats from daily highs reached at 1.0725, dives some 0.37% as the Greenback was underpinned by hawkish remarks of Federal Reserve Chairman Jerome Powell and elevated US Treasury bond yields following a 30-year bond auction.
EUR/USD retreats from 1.0725, as Fed Chair Powell's comments and higher bond yields strengthen the US Dollar. Powell's hawkish shift, emphasizing the need for potentially tighter monetary policy, propels the Dollar Index by over 0.30%. The EUR/USD's technical analysis suggests a continued downtrend, with key levels to watch at 1.0659 and the 50-DMA at 1.0624, while a move above 1.0700 could signal an upward correction. The EUR/USD is trading at 1.0666.
Across the pond, recent data from the Eurozone portrays a stagflationary scenario, with business activity on the manufacturing side and industrial production slowed. Nevertheless, the rise in German yields is capping the EUR/USD recent fall after Powell’s remarks. What to watch? A scarce EU economic docket would feature a speech by the European Central Bank President Christine Lagarde on Friday.
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