EUR/USD regains the smile and retargets 0.9700 – by pabspiovano EURUSD Currencies Majors
Renewed weakness in the dollar allows the pair to recover.The single currency seems to have met bargain hunters and now picks up pace and mtotivatesAfter five consecutive daily pullbacks, including fresh cycle lows in the mid-0.9500s recorded on Monday, EUR/USD manages to gather some steam and advance past the 0.9600 barrier helped by the renewed selling bias in the dollar.
Across the pond, the Conference Board will publish the Consumer Confidence gauge seconded by Durable Goods Orders and housing data.EUR/USD remains under heavy pressure against the backdrop of the unabated rally in the greenback. The pair dropped to levels last seen in June 2002 around 0.9550, although it managed to attempt a mild bounce since then.
Furthermore, the increasing speculation of a potential recession in the region - which looks propped up by dwindling sentiment gauges as well as an incipient slowdown in some fundamentals – adds to the sour sentiment around the euro: ECB Lagarde – Germany GfK Consumer Confidence, ECB Lagarde – EMU Final Consumer Confidence, Economic Sentiment, Germany Flash Inflation Rate – EU Emergency Energy Meeting, Germany Retail Sales, France, Italy, EMU Flash Inflation Rate, Germany Unemployment Change,...
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