EUR/USD is displaying a back-and-forth action around 1.1070 in the early European session. The major currency pair is expected to continue its north-side journey towards the round-level resistance of 1.1100 as the US Dollar Index (DXY) is struggling to defend its downside momentum. The USD Index remained in the grip of bears on Thursday as the higher-than-anticipated softening of the United States Producer Price Index (PPI) report strengthened the need of pausing the policy-tightening cycle earlier than previously anticipated.
S&P500 futures have generated marginal losses in the Asian session. US equities were heavily bought on Thursday after the release extremely decelerated US PPI report as it triggered the need of reconsidering expectations of one more rate hike in the May monetary policy meeting by the Federal Reserve. The overall market mood is extremely positive as hopes for the adaptation of neutral policy by the Federal Reserve (Fed) have strengthened.
Apart from that, lower gasoline prices in March have bolstered expectations that S&P500 companies will report robust quarterly results. Input cost of firms must be remained lower amid below-average gasoline bills, which would have boosted operating profit margins.
The demand for US government bonds has improved marginally in hopes of a decline in US consumer inflation expectations. The 10-year US Treasury yields have slipped below 3.44%.
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