The EUR/USD pair has turned sideways after a firmer rally near 1.0820 in the Asian session. The major currency pair is struggling in extending its upside, however, more gains seem likely amid improved market sentiment. Fading United States banking jitters and rising hopes for an unchanged monetary policy by the Federal Reserve (Fed) have strengthened the risk appetite theme.
Fed’s advisor and Chief Economist at KPMG, Diane Swonk, told MNI on Monday, the “Fed’s decision showed the central bank is strongly considering a halt to monetary tightening including an end to balance-sheet runoffs because of what could prove a substantial drag on the economy and inflation from the recent banking crisis.”
The US Dollar Index (DXY) is attempting to defend the immediate support of 102.60. While odds are favoring further weakness as investors are anticipating a termination of a policy-tightening spell by the Fed. Meanwhile, S&P500 futures are withstanding gains loaded in the Asian session after a three-day winning streak, portraying firmer demand for risk-sensitive assets.
US Treasury yields have shown some rebound as easing US banking jitters have trimmed the safe-haven appeal for US government bonds. The 10-year US Treasury yields have rebound to near 3.52%.
On the Eurozone front, investors are shifting their focus toward German Harmonized Index of Consumer Prices (HICP) data, which will release on Thursday. As per the projections, the annual German HICP will soften firmly to 7.5% from the former release of 9.3%.
Contrary to expectations for German inflation, European Central Bank (ECB) policymaker Mario Centeno cited on Monday, We haven't seen de-anchoring inflation expectations," as reported by Reuters. He further reiterated that the ECB has the tools for "whatever-it-takes" action for banks.
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