EUR/USD bulls approach 1.1050 amid softer USD, Eurogroup meetings, yields eyed By anilpanchal7 EURUSD RiskAppetite YieldCurve Ukraine Currencies
Friday. In doing so, the major currency pair rises for the first time in the last three days while consolidating the weekly losses. drops 0.30% intraday to 98.50 while snapping a two-day uptrend by the press time. The greenback’s latest weakness could be linked to the sluggish yields in Asia and the market’s indecision over the next moves concerning the Ukraine-Russia crisis.
That said, the US 10-year Treasury yields remain inactive near the previous day’s close surrounding 2.37% even as the latest comments from the Fed policymakers kept pushing for aggressive monetary policy normalization. It’s worth noting that a lower print of the US Weekly Jobless Claims since 1956 favors the market’s cautious optimism, coupled with the absence of major negatives from US President Joe Biden’s European visit to push leaders for more sanctions on Russia.
Amid these plays, S&P 500 Futures print mild gains amid expectations that the latest push on Russia may result in a positive change in the peace talks between Moscow and Kyiv. Also favoring the cautious optimism are the headlines from Reuters quoting the US officials who forecast a dearth and inaccuracy of Russian missiles.
Looking forward, European leaders will have another day jostling over the Russia-Ukraine crisis while the German IFO sentiment data for March and the US Pending Home Sales for February will decorate the calendar. Also important are the scheduled speeches from the Fed policymakers.Although a clear upside break of the weekly symmetrical triangle keeps EUR/USD buyers hopeful, the previous support line from March 07, close to 1.1075, will challenge the upside momentum.
Meanwhile, pullback moves remain elusive beyond the stated triangle’s support line, around 1.0965 by the press time.
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