EUR/USD retreats from above 1.0870 as fears of US catastrophic default deepen EURUSD ECB Fed GDP SEO
A mild expansion is US Retail Sales is insufficient to impact expectations for a steady monetary policy by the Federal Reserve.EUR/USD has dropped below the 38.2% Fibonacci retracement at 1.0876.has sensed selling pressure around 1.0873 after a less-confident recovery move as the US Dollar Index is preparing for coming out of the woods and climbing above the immediate resistance of 102.70.
From the meeting, one thing is for sure the proposal of default is off the table as every delegate agreed that a higher debt-ceiling along with widened budget deficit due to higher spending initiatives will be a disaster. US President Joe Biden has cleared that he will remain in touch with Speaker McCarthy each day to resolve negotiations.
A further delay in US debt-ceiling decision has deepened fears of a default by the US Treasury. US Treasury Secretary Janet Yellen has already warned that the Federal will be out of funds in early June and a default would result in the loss of millions of jobs, a contraction in GDP, and a situation of recession in the United States economy.On Tuesday, monthlydata expanded at a slower pace at 0.4% against the estimate of 0.7%. It is worth noting that the retail demand was contracted by 0.
Also, the 20-period Exponential Moving Average at 1.0883 is restricting the upside for the shared currency bulls. The Relative Strength Index is oscillating in the bearish range of 20.00-40.00, indicating more weakness ahead.
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