EUR/USD Continues Recovery Despite Challenges - READ !

2023年5月3日

The EUR/USD currency pair has followed our forecast from yesterday precisely. It has seen an increase in buying activity, driving the price to a new intraday high and continuing the recovery from the previous day's session. However, Euro pair buyers are facing challenges posed by mixed Eurozone inflation figures, as well as uncertainties surrounding the role of both the Fed and the ECB in the recent banking fallouts.

Additionally, fears of a US default and anxiety surrounding the upcoming FOMC meeting serve as additional obstacles for buyers. Nevertheless, traders can stay entertained by monitoring the US ADP Employment Change and ISM Services PMI, as they may provide clues for the Fed's policy pivot.

Despite these challenges, the EUR/USD pair is enjoying the broad weakness of the US Dollar, and is preparing for the key FOMC monetary policy meeting announcement early Wednesday. By the press time, it has picked up further buying momentum and refreshed its intraday high near 1.1025.

Despite mixed Eurozone inflation data and updates from the ECB, the Euro pair is extending its previous recovery from a short-term support line. This could be attributed to unimpressive US statistics and doubts about the Fed's responsibility for the recent banking turmoil.

2023年5月3日

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