EUR/USD facing downward pressure amid recession fears - Capital Street FX

 

RECESSION CONCERNS DRIVE EUR/USD CLOSER TO 1.0860 SUPPORT DESPITE THE SHIFT TOWARDS.

  • The EUR/USD pair has been facing downward pressure after retracing from its two-month high on Tuesday.
  • This could be attributed to the US Dollar’s corrective bounce, as investors turn to safe-haven assets due to recession fears and geopolitical tensions. However, the pair’s losses are being limited by weak US economic data and the European Central Bank’s comparatively hawkish stance.
  • The US Dollar Index has rebounded from a two-month low, up 0.12% intraday, as investors seek refuge in the greenback amidst economic concerns and geopolitical risks stemming from China and North Korea. The S&P 500 Futures have declined for three consecutive days, while the US Treasury bond yields remain near their multi-day lows. The market’s consolidation amid the holiday mood could also lead to intraday bearish sentiment for the EUR/USD pair, with the key event to reject the bullish bias being the US Nonfarm Payrolls.
  • The EUR/USD pair is currently trading near its intraday bottom at 1.0884, displaying a two-day downtrend.
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