EUR/USD attempts a mild recovery just above the 0.9700 barrier.If bears push harder, the pair could see the 2022 low retested.EUR/USD finally sees some respite to the persistent decline and rebounds from lows near 0.9670 on Tuesday.
Despite the bounce, further losses remain well in the pipeline for the time being. That said, further weakness could drag the pair to revisit the 2022 low at 0.9535 (September 28) in the near term ahead of the round level at 0.9500.
In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0600.
EUR/USD holds steady near 0.9700 as dollar rally loses steam
EUR/USD has managed to stage a rebound from the 12-day low it set at 0.9673 earlier in the day and has gone into a consolidation phase near 0.9700. The dollar rally lost its steam amid retreating US Treasury bond yields as investors await Fedspeak.
GBP/USD holds above 1.1050 ahead of Fedspeak
GBP/USD clings to modest daily gains above 1.1050 on Thursday as the dollar struggles to gather strength. The Bank of England announced that it intends to purchase index-linked gilts earlier in the day, helping the British pound stay resilient against its rivals.
Gold recovers modestly, stays below $1,670
Following Monday’s selloff, gold extended its slide and touched its weakest level in a week near $1,660 earlier in the day. With the benchmark 10-year US Treasury bond yield edging lower during the European session, however, XAU/USD erased a small portion of its daily losses.