EUR/USD invades 1.0760 ahead of US PCE, DXY renews monthly lows.

EUR/USD has renewed its monthly highs at 1.0765 on the soaring market mood.

Rising odds of a rate hike by the ECB have supported the euro bulls.The DXY has extended its losses after slipping to the weekly low at 101.65.

The EUR/USD pair is advancing sharply higher on broader weakness in the greenback. The pair has attacked 1.0760 and is expected to extend its gains further on a bullish open-drive set up in the Asian session. The shared currency bulls are driving the asset strongly higher right from the first auction. The asset has renewed its monthly highs at 1.0765 and bullish momentum is still intact.

The euro bulls are enjoying bids from the market participants on advancing expectations of the first rate hike announcement by the European Central Bank (ECB) in June. Price pressures are soaring over the last few months and the ECB has yet not stepped up its interest rates like the other Western leaders, which are not taking the bullet anymore. Dutch Central Bank head and ECB Governing Council member Klass Knot stated on Wednesday that inflation expectations will remain well-anchored at its upper limit and a rate hike by 50 basis points (bps) is not off the table.

Meanwhile, the US dollar index (DXY) has renewed its monthly lows at 101.43. The asset is falling like a house of cards on underpinned risk-on impulse in the market. The negative market sentiment has lost its traction and risk-perceived assets are scaling sharply higher. The asset has extended its losses in the Asian session after slipping below the weekly low at 101.65.

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If AUD/USD rises towards 0.7150 on Aussie Retail Sales, risk-on mood

AUD/USD is advancing above 0.7100 after the Australian April Retail Sales data matched expectations with 0.9%. The pair capitalizes on the ongoing US dollar downward correction amid risk-on trading on global markets. US PCE inflation awaited. 


EUR/USD recaptures 1.0750 as USD wilts ahead of US PCE Inflation

EUR/USD remains strongly bid near weekly highs above 1.0750 amid notable US dollar supply and risk-on flows. Shrinking Fed vs. ECB divergence appears the key catalyst to recall bulls, US PCE inflation eyed. 


Gold bulls pile in as the US dollar melts

The gold price pared some early losses overnight as investors continued to move out of the US dollar making it cheaper to buy the safe-haven precious metal. XAU/USD is a touch higher in Asis, as it moves in for a fresh high on the day.

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