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Market News EUR/USD Trades With a Slight Positive Bias Despite Sluggish USD Demand, And Stays Below 1.0900

EUR/USD Trades With a Slight Positive Bias Despite Sluggish USD Demand, And Stays Below 1.0900

The EUR/USD regains some positive momentum on Wednesday, but lacks persistence. In the context of an increasingly hawkish ECB outlook, the subdued USD price action provides some support. As traders wait for the release of the FOMC minutes, economic issues function as a headwind.

TOP1 Markets Analyst

2023-07-05

10111

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The EUR/USD pair attracts some purchasing interest during Wednesday's Asian session, recouping a portion of the previous day's modest losses. Spot prices are currently trading just below the 1.0900 round-figure level, up 0.10 percent on the day, but remain within a familiar range that has existed for the past week or so.

Last week, European Central Bank (ECB) policymakers adopted a more hawkish stance, indicating that they anticipate further rate hikes at the July and September meetings. ECB President Lagarde added that inflation has entered a new phase that could last for some time and that it is doubtful that they will be able to assert with absolute certainty that interest rates have peaked in the near future. This, in turn, is viewed as a key factor that continues to support the shared currency, which, along with subdued US Dollar (USD) price action, gives the EUR/USD pair a modest boost.

In June, the Federal Reserve (Fed) indicated that borrowing costs may still need to increase by up to 50 basis points (bps) by the end of the year. In addition, Fed Chair Jerome Powell stated last week that the central bank does not anticipate rate cuts in the near future and will wait until it is confident that inflation is moving towards its medium-term objective of 2%. However, the weaker US PCE Price Index published on Friday and the weaker US ISM PMI released on Monday raise questions about the Fed's ability to continue raising interest rates. Thus, the focus of the market remains on the minutes from the June FOMC meeting.

Investors will closely examine the minutes for fresh hints about the Fed's future rate-hike path, which will have a significant impact on the near-term USD price dynamics and propel the EUR/USD pair. In the interim, concerns about economic headwinds caused by swiftly rising borrowing costs may discourage traders from placing aggressive bullish wagers on the major. In the meantime, the Euro Zone macro data - final Services PMI and the Producer Price Index (PPI) - may provide little impetus, implying that spot prices may extend the range-bound price action observed over the last week or so.