EUR/USD extended its losses below the 1.0700 figure late in the New York session, failing to extend its uptrend, which peaked at around 1.0756, though sellers dragged prices toward current exchange rates.
EUR/USD trades at 1.0696, down by 0.20%, as negative sentiment surrounding the Eurozone's economic outlook weighs on the Euro. Disappointing industrial production in Germany stokes recession concerns, contributing to the Euro's decline. ECB officials maintain a cautious approach, with de Guindos emphasizing data dependency and Enria warning of the impact of higher rates on property prices. At the time of writing, the pair is trading at 1.0696, losing 0.20%.
” Federal Reserve officials continue to express a range of views. Minnesota Fed President Neil Kashkari indicated that the economy's strength raises questions about whether current policy is tight enough, and he mentioned that an uptick in inflation would justify further tightening. On the other hand, Chicago Fed President Austan Goolsbee acknowledged progress in controlling inflation and suggested that the conversation might shift to how long rates need to remain at their current level.
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