EUR/USD comes under pressure and pierces 1.0700 ahead of US CPI – by pabspiovano EURUSD Currencies Majors
Industrial Production in Italy surprised to the downside.The European currency gives away part of the recent gains and promptsEUR/USD cautious ahead of US CPI, risk-off
In fact, the dollar regains some traction after collapsing to multi-week lows in the previous session in response to rising speculation that the Fed might pause its hiking cycle as soon as at the March gathering, always following heightened concerns around the US banking sector. Across the pond, the salient event will be the release of the US inflation figures gauged by the CPIP for the month of February.EUR/USD now faces some downside pressure and puts the 1.0700 region to the test amidst some recovery in the dollar ahead of USIn the meantime, price action around the European currency should continue to closely follow dollar dynamics, as well as the potential next moves from the ECB past the March meeting, when the bank has already anticipated another 50 bps rate hike.
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