The EUR/USD pair edges lower during the Asian session on Friday and moves away from a two-week high, around the 1.0740 area touched the previous day.
EUR/USD meets with some supply amid the emergence of some USD buying on Friday. Bets that the Fed will keep rates higher for longer amid sticky inflation underpin the USD. Traders, however, seem reluctant and look to the US PCE Price Index for a fresh impetus. Spot prices currently trade around the 1.0725-1.0720 region and remain at the mercy of the US Dollar price dynamics ahead of the crucial US data.
6% annualized rate during the January-March quarter – marking the weakest reading since mid-2022 – and keeps the US Treasury bond yields elevated, underpinning the USD. Apart from this, bets that the European Central Bank will start cutting interest rates in June, amid a faster-than-anticipated fall in the Eurozone inflation, suggests that the path of least resistance for the EUR/USD pair is to the downside.
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