EUR/USD added to Friday’s robust comeback and briefly trespassed the psychological 1.1000 hurdle in quite a positive start to the new trading week.
EUR/USD briefly pierced the key 1.1000 barrier on Monday. The Dollar melted as markets priced in an inter-meeting Fed rate cut. Concerns over a hard landing in the US spooked investors. The strong move higher in spot followed an equally deep retracement in the US Dollar , which sent the US Dollar to levels last seen in January near the 102.00 neighbourhood. Meanwhile, investors continued to gauge last week’s discouraging prints from the US docket vs.
He observed that, despite weaker-than-expected employment growth, there are currently no indicators of a recession. Goolsbee also warned against overinterpreting the global stock market sell-off. The policy divergence between the Fed and the ECB could shrink in the event of more and deeper rate cuts by the Fed. However, fresh weakness in US fundamentals has flagged risks to the view of a soft landing, mirroring a loss of momentum in the Eurozone's recovery.
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