The Euro extends its losses against the US Dollar, with most European markets being closed in observance of Easter Monday.
EUR/USD declines following upbeat US Manufacturing PMI and Prices Paid Index, hinting the Fed might refrain from easing policy. The rise in the US Dollar Index and Treasury yields reflects growing confidence in the US economic outlook. Upcoming Eurozone manufacturing PMIs could push the EUR/USD further down, with estimates expected to contract further. Data from the United States sponsored a leg down in the EUR/USD, which tumbled more than 0.40% and traded at 1.0742.
93, while US Treasury yields rise. The 10-year benchmark note rate is at 4.305%, up almost ten basis points. Following the data release, money market traders see a 61% chance of the Fed cutting rates by 25 basis points, as depicted via the CME FedWatch Tool. Across the pond, the Eurozone economic docket will feature the release of the HCOB manufacturing PMI for Spain, Italy, France, Germany, and the whole bloc.
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