The renewed downside momentum of the US Dollar (USD) prompted a decent reaction in EUR/USD on Thursday, extending the recent recovery to the 1.0740 region, or two-week tops.
EUR/USD rose to a new two-week high around 1.0740. Advanced US Q1 GDP came in short of estimates. Markets’ attention now shifts to the upcoming US PCE. The renewed downside momentum of the US Dollar prompted a decent reaction in EUR/USD on Thursday, extending the recent recovery to the 1.0740 region, or two-week tops.
Looking ahead, the relatively subdued economic fundamentals in the Eurozone, coupled with the resilience of the US economy, bolster expectations for a stronger Dollar in the medium term, particularly considering the likelihood of the ECB cutting rates before the Fed. In such a scenario, EUR/USD is anticipated to undergo a more significant decline in the short term.
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