The Euro (EUR) leaves behind part of the multi-day decline against the US Dollar (USD) on Monday and motivates EUR/USD to shift its focus to the immediate key barrier at 1.0900 the figure.
In the meantime, the Greenback extends the corrective knee-jerk after hitting new peaks for the month of August near 103.70 last Friday and relegates the USD Index (DXY) to the 103.30 region despite the move higher in US yields early in the European trading hours.
Looking at the broader context of monetary policy, the discussion around the Federal Reserve's stance of maintaining a tighter policy for an extended period seems to have been revived. This is in response to the resilience displayed by the US economy, despite some easing in the labour market and lower inflation readings in recent months.
Within the European Central Bank's realm (ECB), internal disagreements among its Council members regarding the continuation of tightening measures after the summer period are causing renewed weakness that is impacting the Euro negatively.
Moving forward, markets are expected to maintain a cautious approach in light of the Jackson Hole Symposium and Chief Jerome Powell’s speech in the second half of the week.
On another front, speculative net longs in the EUR climbed to two-week highs in the week ended August 15, according to the latest CFTC report
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