EURUSD Retreats after Rebound Falters
The EUR/USD encounters solid resistance near 1.0100.
The pair's continuous jerk comes on the heels of the greenback's weak recovery, which tries to restore some equilibrium following the recent steep sell-off, as the prospect of the Fed slowing the pace of its tightening plans appears as the immediate threat to the buck's further gains.
Investors are taking profits before of the important ECB rate rise decision and the US advance Q3 GDP release.
Meanwhile, extra emphasis is expected to be focused on Chair Lagarde's next news conference.
On Thursday, the dollar, as measured by the USD Index (DXY), recovers somewhat from prior lows near 109.50.
The risk-associated assets saw a lull in their rapid upward momentum, which was amplified by growing rumors of a probable Fed pivot. This has caused the dollar to rise higher.
Meanwhile, the Federal Reserve's firmer commitment to maintain raising rates until inflation appears well under control, despite an anticipated slowdown in economic growth and some loss of momentum in the labor market, continues to support the index's underlying bullish tone.
The pair's continuous jerk comes on the heels of the greenback's weak recovery, which tries to restore some equilibrium following the recent steep sell-off, as the prospect of the Fed slowing the pace of its tightening plans appears as the immediate threat to the buck's further gains.
Investors are taking profits before of the important ECB rate rise decision and the US advance Q3 GDP release.
Meanwhile, extra emphasis is expected to be focused on Chair Lagarde's next news conference.
On Thursday, the dollar, as measured by the USD Index (DXY), recovers somewhat from prior lows near 109.50.
The risk-associated assets saw a lull in their rapid upward momentum, which was amplified by growing rumors of a probable Fed pivot. This has caused the dollar to rise higher.
Meanwhile, the Federal Reserve's firmer commitment to maintain raising rates until inflation appears well under control, despite an anticipated slowdown in economic growth and some loss of momentum in the labor market, continues to support the index's underlying bullish tone.
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