EUR/USD meanders near Thursday's close at 1.0875 ahead of next week’s ECB rate decision By christianborjon EURUSD Majors Macroeconomics Technical Analysis
, but it is still in the design stage. Aside from central banking chatter, the EU announced a subsequent tranche of sanctions on Russian oligarchs and President Putin’s family members.
On Friday, US Treasury yields finished the session with gains along the yield curve, reflecting the aggressive stance of the Fed. The US 10-year benchmark note rose five basis points, sat at 2.701%, and underpinned the greenback, as shown by theThe Federal Reserve March meeting minutes showed that most policymakers were looking for a 50-bps increase if not for the Ukraine conflict; instead, the Fed hiked 25 bps.
As the Friday North American session is about to finish, money market futures have priced in a 88% chance of a 0.50% rate hike to the Federal Funds Rate in the May 4 meeting.The EUR/USD bias remains downwards and further cemented it when, which opened the door towards 1.0700, but first would need to overcome some hurdles on its way down.
That said, the EUR/USD first support would be 1.0848. A breach of the latter would expose the 2022 YTD low at 1.0806, followed by April 2020 swing lows around 1.0727, and then the abovementioned 1.0700 mark.
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