EUR: Down, but not out
EUR/USD has found some stability this week on the back of marginally quieter geopolitical conditions and some emerging signs of growth in the eurozone economy. Surprisingly, a June rate cut from the European Central Bank is not fully priced yet (just 73% probability) and the ECB seems to be managing communication carefully as to what happens after the June rate cut.
EUR/USD will be driven by the US data release today. Technically, EUR/USD could stall around current levels (1.0710) and any break above 1.0725/45 today (were the US price data to come in on the soft side) would have to prompt a re-assessment of a near-term 1.05 scenario in EUR/USD.
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