The EUR/USD pair was unable to conquer the 1.1200 mark, and after flirting with the level at the beginning of the week, it entered a downward corrective spiral that resulted in the pair ending the week not far above the 1.1053 low.
The US Dollar resumed its advance after data showed the US economy remains healthy. Looming European Central Bank’s and Federal Reserve’s meetings fuel a cautious mood. EUR/USD nears a bearish breakout point after flirting with year-to-date highs around 1.1200. US Dollar reclaims its crown The US Dollar remained under pressure until Wednesday, when a souring market mood spurred demand, later fueled by upbeat macroeconomic figures.
The figures support the case for another European Central Bank rate cut in September, something speculative interest has already priced in. Data-release intensifies The upcoming week will bring some relevant macroeconomic figures ahead of central banks’ announcements. The ECB will decide on monetary policy on September 12, while the Federal Reserve Fed will do the same on September 18.
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