Forex Analysis by Fawad Razaqzada covering: EUR/USD, Copper Futures, US Dollar Index. Read Fawad Razaqzada's latest article on Investing.com
That’s the key question after Wednesday’s softer data releases caused the greenback to fall across the board, underscoring the view that the economic growth is losing momentum and that inflation is heading lower.
Despite this and the slow start to today’s session, the recent price action and improving eurozone sentiment suggests theoutlook remains positive, with the exchange rate on course to head towards the 1.10 handle in the coming weeks potentially.Unsurprisingly, the EUR/USD has fallen back amid profit-taking after Wednesday’s data-driven rally. But with several key resistance levels broken, the path of least resistance remains to the upside.
On the upside, 1.0900 is likely to be the next bullish target ahead of the key 1.10 handle thereafter.The latest jobless claims data, which was expected to show a drop in applications to 219K vs. 231K the previous week, came in at 222K, continuing the recent disappointing trend. However, despite these data misses, the dollar bears were put off by the fact import prices jumped by 0.9% m/m compared to a small rise of 0.2% expected. Rising import costs will only add to inflationary pressures.The dollar bears, and the EUR/USD bulls, will be looking for more evidence of a cooling US economy, especially the labour market.
This week’s disappointing data comes after the April non-farm jobs report, the latest ISM surveys and several other pointers, all disappointed expectations earlier this month.
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