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High Impact Economic Data


EUR EXTENDS GAINS ABOVE 1.0850


The EURUSD pair gradually breaks lower from the consolidation phase seen around 1.0850, with markets in search of fresh incentives amid another quiet European session ahead. Currently, the EURUSD pair trades -0.06% lower at fresh session lows of 1.0841, eyeing for a test of hourly 50-SMA placed at 1.0825. The main currency pair failed to benefit from the persistent risk-off sentiment in Asia following renewed sell-off in oil prices, and now slowly loses ground as we progress towards the early European trades. The EURUSD pair remains completely indifferent to the risk-averse conditions, which favours the funding currency EUR.

 

More so, ongoing weakness in the treasury yields on the back of falling expectations of four rate hikes by the Fed this year, also fails to provide impetus to the major. Nothing of note for the EUR in the session ahead, hence, the focus remain on the US data flow due in the NA session. While cautiousness prevails as the Fed is set to begin its 2-day policy meeting later today, with all eyes on the Fed’s comments surrounding the recent market turbulence.

 

Source: http://www.ivbrokers.com/

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