EUR/USD stays pressured around 1.1350 on mixed signals, US dollar recovery By anilpanchal7 EURUSD RiskAppetite Coronavirus Majors Currencies
day amid broad US dollar weakness. However, the market’s consolidation at the year-start sluggish session triggered the quote’s corrective pullback amid mixed concerns.
Among the major burdens weighing on the EUR/USD prices are the escalating fears concerning the South African covid variant, namely Omicron. Covid infections in the bloc, as well as globally, refresh record at the latest, which in turn challenge the previous recovery hopes from the old continent. While portraying the covid data, Reuters said, “Worldwide infections hit a record high over the past seven-day period, with an average of just over a million cases detected a day between Dec. 24 and 30.
Above all, the monetary policy divergence between the US Federal Reserve and the European Central Bank is the key to watch in the year 2022 as the Fed is likely running faster, than the ECB, towards the monetary policy tightening, which in turn could weigh on EUR/USD prices looking forward. will be crucial for the pair traders. For the day, final readings of the US Markit Manufacturing PMI for December may offer immediate direction to markets.
On the contrary, pullback moves may aim for a 21-DMA retest, close to 1.1310 at the latest, before challenging an ascending support line from late November around 1.1250.
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