EUR/USD ticks higher amid subdued USD demand, remains below 1.0900 mark


  • EUR/USD attracts fresh buyers on Wednesday amid a modest USD downtick.
  • Fed rate cut bets keep the US bond yields depressed and undermine the buck.
  • Wednesday’s US data might provide some impetus ahead of the ECB on Thursday.

The EUR/USD pair builds on the overnight bounce from the 1.0860-1.0855 region and ticks higher during the Asian session on Wednesday amid subdued US Dollar (USD) price action. Spot prices currently trade just below the 1.0900 mark and remain well within the striking distance of the highest level since March 21 touched on Tuesday. 

The incoming softer US macro data pointed to signs of a cooling economy and cemented bets for an imminent interest rate cut by the  Federal Reserve (Fed) later this year. The expectations keep the US Treasury bond yields depressed and undermine the USD, which, in turn, is seen lending some support to the EUR/USD pair. The upside, however, seems limited as traders might prefer to wait on the sidelines ahead of the crucial European Central Bank (ECB) monetary policy meeting on Thursday. 

As widely signalled in recent weeks by policymakers, the ECB is more likely to cut interest rates by 25 basis points at the end of its June 6 meeting. This will mark the first cut since March 2016 and will be accompanied by the latest economic projections. This, along with comments by ECB President Christine Lagarde will be scrutinized for cues about future rate cuts on the back of a rise in Eurozone inflation in May. This, in turn, will play a key role in driving the shared currency and the EUR/USD pair.

The market attention will then shift to the release of the closely-watched US monthly employment details, popularly known as the Nonfarm Payrolls (NFP) report on Friday. The crucial US jobs data might influence expectations about the Fed's next policy move and the USD. Heading into the key central bank event and US macro data risks, Wednesday's US economic docket, featuring the ADP report and ISM Services PMI,  might produce short-term opportunities around the EUR/USD pair.

EUR/USD

Overview
Today last price 1.0882
Today Daily Change 0.0003
Today Daily Change % 0.03
Today daily open 1.0879
 
Trends
Daily SMA20 1.0835
Daily SMA50 1.0775
Daily SMA100 1.0808
Daily SMA200 1.0788
 
Levels
Previous Daily High 1.0916
Previous Daily Low 1.0859
Previous Weekly High 1.0889
Previous Weekly Low 1.0788
Previous Monthly High 1.0895
Previous Monthly Low 1.065
Daily Fibonacci 38.2% 1.0881
Daily Fibonacci 61.8% 1.0894
Daily Pivot Point S1 1.0854
Daily Pivot Point S2 1.0828
Daily Pivot Point S3 1.0797
Daily Pivot Point R1 1.091
Daily Pivot Point R2 1.0942
Daily Pivot Point R3 1.0967

 

 

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