EURUSD prints first daily loss in three around 1.0370 as US Dollar traces firmer Treasury yields – by anilpanchal7 EURUSD ECB Fed RiskAppetite Inflation
Fears of political deadlock in the United States, Covid woes from China underpin US Dollar’s safe-haven demand.Final readings of Eurozone Inflation, second-tier US data could entertain traders.
policymaker Pablo Hernandez de Cos backed further rate increases but Vice President Luis de Guindos teased passive quantitative tightening. Further, ECB Governing Council member Ignazio Visco noted that the case for implementing a less aggressive approach was "gaining ground".A likely tug of war between the US Republicans and Democrats due to the mixed results of the Midterm Elections seems to weigh on the sentiment of late. “Republicans were projected to win a majority in the U.S.
While portraying the mood, the US 10-year Treasury yields print the first daily gains in four around 3.71%. It should be observed that the S&P 500 Futures andEurozone inflation, US second-tier data will be in focusinflation data for October, expected to confirm the 10.7% initial forecasts per the Harmonized Index of Consumer Prices measure, will offer immediate directions to the Euro bears.
Given the recent shift in the market’s sentiment amid a light calendar, as well as the firmer US Bond coupons, the EURUSD bears are likely to keep the reins unless the scheduled data points surprise traders.EURUSD sellers poke 21 Simple Moving Average support around 1.0370 amid bearish signals from the Moving Average Convergence and Divergence indicator. Also adding strength to the Euro’s bearish bias is the retreat of a Relative Strength Index , located at 14, from the overbought territory.
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