The EUR/USD pair weakens near 1.0730, snapping the three-day winning streak during the early European session on Thursday.
EUR/USD loses traction around 1.0730 as markets turn cautious in Thursday’s early European session. The worries about the Eurozone political uncertainty in the Eurozone continue to undermine the Euro. The Fed’s wait-and-see mode might boost the Greenback despite the recent weaker US Retail Sales data. However, the upside for the pair seems limited as investors are worried about the political uncertainty in the Eurozone.
Across the pond, the weaker US Retail Sales report suggested signs of subdued activity among US consumers, fueling the case for US Federal Reserve rate cuts later this year, which is likely to weaken the Greenback in the near term. However, the hawkish tone from several Fed officials might cap the Greenback’s downside. Boston Fed President Susan Collins warned on Tuesday that it is still too early to say whether or not inflation is on course towards the Fed’s 2% target.
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