The EUR/USD pair attracts some dip-buying on Friday and seems to have stalled the previous day's retracement slide from the vicinity of the 1.0900 mark, or a nearly three-week high. The risk-on rally across the global equity markets remains unabated, preventing the US Dollar (USD) from capitalizing on the overnight bounce from its lowest level since February 2. The shared currency draws support from signs that the Eurozone economy may be on a slow path towards recovery, which should allow the European Central Bank (ECB) to wait until June before easing its monetary policy. This acts as a tailwind for the currency pair.
Meanwhile, the US data released on Thursday showed that business activity in the manufacturing sector grew at a faster pace in February, overshadowing a slight drop in the service sector growth. This, along with fresh signs of strength in the US labour market and hawkish remarks by several Federal Reserve (Fed) officials, reaffirms expectations that the central bank will keep interest rates higher for longer. The outlook supports elevated US Treasury bond yields and acts as a tailwind for the Greenback amid geopolitical risk, warranting some caution before placing aggressive bullish bets around the EUR/USD pair.
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