A stronger US Dollar has pushed the EUR/USD pair from weekly highs above 1.0630 towards 1.0520. US economic data reflects that fundamental factors sti
The US Dollar strengthened sharply following US inflation data. The EUR/USD pair was rejected from above 1.0630 and tumbled. The short-term outlook remains bearish, with the following support levels at 1.0520 and 1.0490. ll favor the Greenback, and combined with higher Treasury yields, exerted downward pressure on the pair.
However, combined with the wholesale inflation data from Wednesday, it added evidence to the narrative of higher interest rates for a longer period. The US Dollar gained momentum after the data and accelerated amid higher Treasury bond yields. The 10-year yield rose from 4.52% to 4.72%; it climbed more than 3% on the day. The Greenback ended its correction and could continue to rise, to test cycle highs, as fundamentals continued to favor it.
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