EUR/USD pares losses to 1.0730 on optimism for US debt deal amid quiet markets – by anilpanchal7 EURUSD ECB Fed Inflation NFP
the first monthly loss in three amid the market’s cautious optimism about the US policymakers’ ability to avoid the ‘catastrophic’ default. Adding strength to the pair’s positioning could be the month-end resizing amid the holidays in Germany, France, the UK and the US on Monday.
US President Joe Biden and top congressional Republican, as well as the House Speaker, Kevin McCarthy finally agreed over terms to raise the federal government's $31.4 trillion debt ceiling through January 2025 during the weekend. Following the initial announcements, US President Biden strongly urged both chambers to pass the agreement while McCarthy appears to have no difficulties in getting the deal through the House. However, some of the policymakers have clearly shown their discomfort with the compromises that together tried to avoid the debt payment default, which in turn challenges the market’s positive outlook about the key issue.
Alternatively, the last week’s upbeat prints of the top-tier data including Durable Goods Orders and the Core Personal Consumption Expenditure Price Index for the said month, known as the Fed’s preferred inflation gauge, underpin the hawkish Fed bets and weigh on the EUR/USD price.
inflation numbers will precede the US jobs report for May, especially the Nonfarm Payrolls , to direct the short-term EUR/USD moves. However, major attention will be given to the US Congress voting on the debt ceiling deal.EUR/USD justifies Friday’s Doji candlestick above the 200-day Exponential Moving Average , around 1.0685 by the press time. The recovery moves, however, need validation from the 61.
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