EUR/USD refreshes multi-month top, eyes 1.0600 mark amid sustained USD selling – by hareshmenghani EURUSD Fed China ECB Currencies
Bets for smaller Fed rate hikes continue to weigh heavily on the USD and remain supportive.Traders now look to the final Services PMI from the Eurozone and the US For a fresh impetus.pair is seen building on last week's breakout momentum beyond the very important 200-day SMA and gaining traction for the fourth straight day on Monday. The upward trajectory lifts spot prices to the 1.
In fact, the USD Index, which measures the greenback's performance against a basket of currencies, sinks to over a five-month low amid expectations for a less aggressive policy tightening by the Fed. Market participants seem convinced that the US central bank will soften its stance and deliver a relatively smaller 50 bps rate hike at its upcoming meeting on December 13-14.
That said, the upbeat US monthly jobs report released on Friday validates the view that the Fed will continue to tighten its monetary policy, although at a slower pace. An upside surprise in US job gains and wages points to a further rise in inflationary pressures, adding credence toChair Jerome Powell's forecast that the peak rate will be higher than expected.
and the US. Later during the early North American session, the US ISM Services PMI should contribute to producing short-term opportunities around the EUR/USD pair.
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