The EURUSD pair retreated slightly ahead of the upcoming US building permit and housing starts numbers.
It dropped to a low of 1.0915, a few points below this week’s high of 1.0967. Last week’s high was the highest point since May 12th.The EUR/USD pair has been in a strong bullish trend in the past few days after the European Central Bank and the Federal Reserve decisions. The two banks diverged in their decisions, with the ECB hiking interest rates by 0.25%. For its part, the Fed decided to leave interest rates and its quantitative tightening policies unchanged.
Meanwhile, they expect that the building permits rose from 1.147 million in April to 1.42 million in May. While these numbers are important, they will have minimal impact on the EUR/USD pair since the Fed has already made its decision. Jerome Powell, the Federal Reserve Chair, will testify in Capitol Hill, where he will provide more information about interest rates. He will also talk about the future of inflation and its quantitative tightening.The EUR/USD pair retreated slightly on Monday in a low-volume environment since US markets were closed.
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