Currently, EUR/USD is trading at 1.1147, down -0.45% on the day, having posted a daily high at 1.1214 and low at 1.1143.
EUR/USD lost its footing in the US session, driven lower by a pick-up in US yields and risk sentiment. The start of the week started out positive for the dollar and despite Macron’s sweeping parliamentary victory that was widely expected, the euro was unable to sustain the demand for the dollar today. DXY made a high of 97.57 while the 10-year yield made a high of 2.1897% and was up at 1.78% at the time of writing.
“Fed’s Dudley spoke at the North Country Chamber of Commerce, in Plattsburgh, offering a confidence stance over inflation and employment, aligned with latest FOMC’s Minutes. Dudley said inflation should pick up as wages rise along with continuing improvement in the labor market,” explained Valeria Bednarik, chief analyst at FXStreet.
EUR/USD is neutral, according to analysts at Scotiabank who await a break of the range from mid-May, roughly bound between 1.11 and 1.13. Valeria Bednarik suggested that buying interest may surge on an approach to 1.1110, May 30th low and the immediate support, with a critical one standing at 1.1075, the low set on May 18th.