The EUR/USD pair edges lower during the Asian session on Friday and moves away from a one-week high, around the 1.0615 region touched the previous day
EUR/USD trades with a negative bias and is pressured by the emergence of some USD dip-buying. Bets for one more Fed rate hike in 2023 and elevated US bond yields continue to underpin the US. Geopolitical tensions further benefit the Greenback’s safe-haven status and weigh on the major. . The pair currently trades around the 1.0575 region, down less than 0.10% for the day, and is pressured by the emergence of some US Dollar buying, though lacks follow-through selling.
The markets, meanwhile, have been pricing out the possibility of any further rate hikes by the European Central Bank in the wake of fears about a deeper economic downturn and stagflation risk. In fact, the ECB signalled in September that the hike, its 10th in a 14-month-long fight against inflation, was likely to be its last. Moreover, ECB policymakers expressed cautious optimism last week that inflation was on its way back to 2% even without more rate hikes.
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