EUR/USD retreats towards 1.0850 as US Dollar traces yields, US Factory Orders, Eurozone PPI eyed – by anilpanchal7 EURUSD PPI Inflation RiskAversion YieldCurve
uro pair’s latest retreat could also be linked to the rebound in the US Treasury bond yields, which in turn allow the US Dollar to pare the week-start fall ahead of second-tier data. prints mild gains around 102.20 after falling the most since March 22 the previous day. With this, the greenback’s gauge versus the six major currencies rebound from the one-week low. That said, the US 10-year and two-year Treasury bond yields lick their wounds around 3.42% and 3.
Apart from the corrective bounce in yields, mixed concerns about the inflation and geopolitical woes surrounding Russia and China also weighed on the EUR/USD price. That said, the Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, announced a surprise output cut on Monday and renewed inflation fears. However, US President Joe Biden shrugged off the OPEC+ move and said that it is not as bad as you think.
Elsewhere, Russian Foreign Minister Sergei Lavrov raised fears of escalating Moscow-Brussels tussle by saying, “The European Union has "lost" Russia.” The policymaker also added that Moscow will deal with Europe in a tough fashion if need be. Furthermore, the US-China tension is also on the table as Beijing keeps reiterating its dislike for the US-Taiwan ties but Washington seems to ignore it.
Amid these plays, S&P 500 Futures pause a four-day uptrend near the highest levels since February 16. for February will precede the US Factory Orders for the said month to direct intraday EUR/USD moves. However, major attention will be given to the risk catalysts after the recent escalation of the geopolitical woes, which in turn can allow the Euro pair to ease.Unless declining below the convergence of the 21-DMA and the 50-DMA, around 1.
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