The optimism around the European currency remains well in place at the beginning of the week and lifts EUR/USD back above the 1.0700 hurdle, or new 4-week tops.
EUR/USD now looks at US CPPI, ECB
EUR/USD advances for the third session in a row and moves north of the 1.0700 barrier, where some initial resistance seems to have emerged so far.
The continuation of the pair’s rebound comes in response to the persistent sell-off in the greenback, which was particularly exacerbated following the mixed results from the February Payrolls published last Friday.
By the same token, the USD Index (DXY) starts the week well in the negative territory and navigates multi-week lows pari passu with investors repricing of a 25 bps rate hike by the Fed at the March 22 gathering, while some speculation around a no rate at all seems to have also kicked in.
Supporting the view of a stronger EUR/USD, open interest increased in the last three sessions, while volume retreated to more “normal” levels following the post-Powell spike on March 7.
No data releases in the euro area should leave Tuesday’s release of US CPI for the month of February as the salient event in the first half of the week. Moving forward, the ECB meeting on March 16 should see the central bank hiking the policy rate by 50 bps.
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