EUR/USD faces stiff barricades around 1.0700 due to weak Eurozone economic outlook – by Sagar_Dua24 EURUSD ECB Fed Recession Inflation
EUR/USD has retreated after facing barricades around 1.0700 amid a recovery in the USD Index.ECB Lagarde is expected to raise interest rates further considering persistence in core inflation.pair has witnessed some selling interest after facing stiff barricades around 1.0700 in the early European session. The major currency pair is consistently defending the crucial support of 1.0670, therefore, a breakdown of the same would result in wider bearish ticks.
has rebounded to near 104.18. On a broader note, the USD Index is inside the woods amid a lack of economic events this week.bets. As per the CME FedWatch tool, more than 80% of the chances are in favor of a steady interest rate policy. This has led to a decline in the 10-year US Treasury yields to near 3.66%.rates
by the European Central Bank . The German economy has already shown a recession after a consecutive contraction in quarterly Gross Domestic Product . Adding to that, German Factory orders are consistently declining, indicating weak demand. Apart from that, Eurozone Retail Sales data released on Tuesday also failed to stand expectations. Monthly Retail Sales remained stagnant while the street was anticipating an expansion by 0.2%. Annual Retail Sales contracted by 2.6% vs. the expectations of -1.8%. In spite of the poor economic
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