EUR/USD holds steady around 1.1135-40 area, just above one-week low set on Thursday – by hareshmenghani EURUSD Fed ECB Majors Currencies
The fundamental backdrop warrants caution before placing aggressive directional bets.The EUR/USD pair ticks higher during the Asian session on Friday, albeit lacks bullish conviction and currently trades around the 1.1135-1.1140 region, just a few pips above over a one-week low touched the previous day. is seen consolidating the overngith strong gains led by the upbeat US Jobless Claims data and turning out to be a key factor acting as a tailwind for the EUR/USD pair.
Adding to this, doubts that the Fed will commit to a more dovish policy stance act as a tailwind for the USD. The shared currency, on the other hand, is undermined by the fact that European Central Bank officials recently delivered mixed signals regarding the next policy moves after the July meeting. Even a more hawkish ECB policymaker, Klaas Knot said that rate hikes later this year may not be necessary.
This, in turn, warrants some caution before placing aggressive directional bets around the EUR/USD pair and positioning for an extension of the recent retracement from the 1.1275 region, or the highest level since February 2022 touched earlier this month.
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