The Euro remains contained above 1.0600 support yet with bullish attempts capped below 1.0690 The broader bias remains unchanged, with the pair on a bearish trend from early March highs near 1.1000. The diverging ECB - Fed monetary policy outlook is expected to keep the pair under pressure. The pair is on track to close the week little changed, following a 1.8% sell-off in the previous week.
Earlier on Friday, Chicago Fed President Austen Goolsbee reiterated that the progress on inflation has stalled and that it will take longer than expected to achieve the 2% target. The Dollar has reacted with a moderate appreciation. On the contrary, ECB’s President Lagarde suggested that interest rate cuts will likely come in June. This puts the European Central Bank in the unusual situation of acting ahead of the Fed, which is expected to keep the Euro under pressure.
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