The EUR/USD pair attracts some buyers for the fourth straight day and climbs beyond the 1.0900 mark – its highest level since March 21 during the Asian session on Tuesday.
EUR/USD advances to its highest level since March in the wake of a modest USD downtick. Monday’s disappointing US ISM PMI reaffirms Fed rate cut bets and undermines the buck. Bulls, however, prefer to wait for the ECB meeting on Thursday before placing fresh bets. The uptick, however, lacks strong follow-through, warranting some caution for bulls and before positioning for an extension of the recent solid rebound from the 1.0600 round figure, or the YTD low touched in April.
Investors will closely scrutinize comments from ECB officials and the latest economic projections for cues about future rate cuts against the backdrop of a rise in Eurozone inflation in May. This, in turn, will play a key role in driving the shared currency and provide a fresh directional impetus to the currency pair ahead of the release of the US Nonfarm Payrolls report on Friday.
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