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EUR/USD ahead of US GDP

FOREX_EURUSD-ahead-of-US-GDP
  • Month/ quarter-end flows capping the upside, as USD firms up.
  • All eyes remain on US Q4 GDP amid a data-empty EU docket.

The EUR/USD pair stalled its Asian recovery mode near 1.2420 levels and came under heavy selling pressure on the European open, as the bears eyed a break below the 1.2375 support area. However, fresh buyers emerged near the last, prompting a quick recovery in the spot, in a bid to regain the 1.24 handle.

The sharp declines in the major were partly fuelled by broad-based US dollar strength, a\s easing worries over the US-China trade war combined with the North Korean leader Kim’s upbeat comments lifted the sentiment around the buck.

Moreover, rising concerns over declining inflationary pressures in the Euro area also collaborated to the renewed weakness in the EUR while falling German 10-year bond yields were also seen as one of the main catalysts behind the declines to 1.2377 lows. The 10-year German bund yields trade at the lowest levels in two months at 0.473%, losing -4.60% on the day.

Focus now shift towards the US Q4 final GDP data due later in the NA session, with the greenback likely to receive an additional boost on an upward revision. In the meantime, the broader market sentiment and the price-action around the German yields will continue to drive the EUR moves.

Source:fxstreet.com

  • Month/ quarter-end flows capping the upside, as USD firms up.
  • All eyes remain on US Q4 GDP amid a data-empty EU docket.

The EUR/USD pair stalled its Asian recovery mode near 1.2420 levels and came under heavy selling pressure on the European open, as the bears eyed a break below the 1.2375 support area. However, fresh buyers emerged near the last, prompting a quick recovery in the spot, in a bid to regain the 1.24 handle.

The sharp declines in the major were partly fuelled by broad-based US dollar strength, a\s easing worries over the US-China trade war combined with the North Korean leader Kim’s upbeat comments lifted the sentiment around the buck.

Moreover, rising concerns over declining inflationary pressures in the Euro area also collaborated to the renewed weakness in the EUR while falling German 10-year bond yields were also seen as one of the main catalysts behind the declines to 1.2377 lows. The 10-year German bund yields trade at the lowest levels in two months at 0.473%, losing -4.60% on the day.

Focus now shift towards the US Q4 final GDP data due later in the NA session, with the greenback likely to receive an additional boost on an upward revision. In the meantime, the broader market sentiment and the price-action around the German yields will continue to drive the EUR moves.

Source:fxstreet.com

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