EUR/USD extends the decline and pierces 1.0700 – by pabspiovano EURUSD Currencies Majors
German Industrial Production surprised to the downside.Sellers remain well in control of the sentiment in the global markets and now dragEUR/USD is down for the fourth session in a row and ephemerally probes the area below the 1.0700 support on Tuesday.and increasing cautiousness ahead of Fed’s Powell all keep the pair under extra downside pressure in the first half of the week and underpin the sharp rejection from 2023 peaks past 1.1030 recorded just four days ago.
In the US, Chair Powell’s interview at the Economic Club of Washington is expected to grab all the attention later in the NA trading hours. In theThe steep sell-off in EUR/USD post-US NFP remains unabated on Tuesday and drags the pair to briefly test multi-week lows in the sub-1.0700 zone. Back to the euro area, recession concerns now appear to have dwindled, which at the same time remain an important driver sustaining the ongoing recovery in the single currency as well as the hawkish narrative from the ECB.Eminent issues on the back boiler
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