EUR/USD extends the choppy trading so far this week and now partially fades Tuesday’s uptick on the back of a decent rebound in the dollar and the continuation of the march north in the German 10-year Bund yields.
In the absence of strong drivers, price action around the pair keeps looking to the upcoming interest rate decision by the ECB and the Fed, with both central banks expected to raise rates by 25 bps in May.
The latter appears well underpinned by recent hawkish comments from policy makers on both sides of the ocean, who kept advocating for a tighter-for-longer stance amidst the still elevated inflation.
In the euro calendar, final inflation figures in the broader Euroland will be the sole release on Wednesday. In the US, weekly Mortgage Applications tracked by MBA are due along with the publication of the Fed’s Beige Book.
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