EUR/USD trades with a positive bias above 1.0900 mark amid modest USD weakness

The EUR/USD pair gains some positive traction for the second successive day on Tuesday and climbs back above the 1.0900 mark during the Asian session.

Spot prices currently trade near a three-day top and look to build on the recent bounce from over a two-month trough, around the 1.0845 region touched last Friday.Chief Economist Philip Lane said on Friday the Euro Zone economy would keep growing and is unlikely to experience a deep or sustained recession. This leads to the narrowing of the German yield curve inversion and supports prospects for further policy tightening by the ECB, which is seen underpinning the shared currency.

In fact, the USD Index , which tracks the Greenback against a basket of currencies, remains depressed below its highest level since July 12 as traders are still betting on the idea that the Federal Reserve will pause its rate-hiking cycle in September. That said, the incoming US economic data continues to point to an extremely resilient economy and keeps the door open for one more 25 bps lift-off by the end of this year, which should help limit any meaningful USD losses.

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