EUR/USD: Rebound meets resistance near 0.9870 – by pabspiovano EURUSD Currencies Majors
The dollar regains some composure despite lower US yields.The European currency now comes under some selling pressure and motivatesEUR/USD looks to extend an auspicious start of the week against the backdrop of the inconclusive price action around the greenback, all within a context of persevering appetite for the riskier assets.
In the domestic calendar, the focus of attention will be on the Economic Sentiment in both Germany and the broader Euroland tracked by the ZEW institute for the current month. Across the pond, Industrial Production and the NAHB index are due along with the speech by FOMC’s N.Kashkari.EUR/USD remains in recovery-mode and now set sails to the 0.9900 neighbourhood amidst faltering price action surrounding the dollar.
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: EMU, Germany ZEW Economic Sentiment – EMU Final Inflation Rate, European Council Meeting - European Council Meeting, EMU Flash Consumer Confidence .hiking cycle vs. increasing recession risks.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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