EUR/USD: a steep corrective movement on the horizon? – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet noted that the American dollar retained the weak tone against most of its major rivals during the Asian session, with most pairs confined to tight ranges in response to a light economic calendar ever since the week started.

Key Quotes:

“But things got more interesting during the London session, when the soft opening of local share markets sent the EUR/USD pair up to a fresh year high of 1.1461, and the GBP/USD pair beyond 1.4300, this last on the back of strong local inflation figures. The greenback was buoyed early in the US session, rallying particularly against the EUR and the JPY, both weaker amid improved market’s sentiment.

On the data front, Germany released its final CPI readings for March, which matched preliminary readings and therefore failed to affect the pair. German inflation rose 0.3% compared to a year before, while monthly basis, it was up by 0.8%. In the US, the March NFIB survey showed that the slowdown continued for small firms, printing 92.6 against previous 92.9 and a 93.9 expected, but FED’s hawks underpinned temporarily the USD, by saying that the central bank could raise rates more than twice this …read more

Source:: FX Street