The EUR/USD climbed to 1.0620, reaching its highest level in two weeks, and then pulled back to the 1.0600 area. The pair continues to be supported by
The US Dollar remains weak on the back of lower Treasury yields and improved risk sentiment. US wholesale inflation and FOMC minutes will gather attention on Wednesday. The EUR/USD pair maintains a bullish tone; however, some exhaustion signs emerge. some improvement in market sentiment and the downward correction of the US Dollar. The focus remains on geopolitical concerns and incoming US inflation data. The US Dollar dropped again, extending its correction from multi-month highs.
Germany will report the final reading of the Consumer Price Index on Wednesday, but no revision is expected from the preliminary reading. The annual rate was reported at 4.5% in September. The combination of the sharp slowdown in inflation over the last two months in Europe and a negative economic outlook suggests that the European Central Bank is done raising interest rates. EUR/USD short-term technical outlook The EUR/USD shows more signs that it may have reached a temporary bottom around 1.
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