- EUR/USD gives away part of the recent 3-day advance.
- The greenback regains some traction and weighs on the pair.
- US Consumer Confidence will be in the limelight later in the day.
Fresh selling pressure now drags EUR/USD to the low-1.1000s on the back of some tepid recovery in the dollar on Tuesday.
EUR/USD continues to target the 2023 high
EUR/USD now succumbs to the better mood around the dollar and snaps three consecutive sessions with gains on Tuesday.
Despite the knee-jerk, the pair remains poised for the continuation of the uptrend in the short-term horizon. Indeed, this view remains underpinned by firmer speculation that the ECB will raise the policy rate in June and July, which in turn appears propped up by the unabated hawkish narrative from ECB’s rate setters.
The absence of data releases in the euro docket on Tuesday will surely leave the attention to the US calendar, where the Consumer Confidence tracked by the Conference Board will be in the centre of the debate seconded by New Home Sales, and the FHFA’s House Price Index.
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