The EUR/USD pair recovers strongly from a weekly low of 1.0670 in Monday’s European session.
EUR/USD rebounds swiftly from 1.0670 as the appeal for risk-perceived assets improves. The US economic outlook appears to be stronger than its peers. Weak preliminary Eurozone PMI boosts hopes of ECB ’s subsequent rate cuts. The major currency pair bounces back as the appeal for risk-sensitive assets improves amid growing speculation that the Fed eral Reserve will start reducing interest rates in the September meetingand will deliver two rate cuts this year.
Where all major economies failed to meeting PMI estimates, the US economy surprisingly expanded at a faster pace than their prior release. Meanwhile, the Euro delivers an upbeat performance against its peers in Monday’s session as investors digest political uncertainty in France ahead of thefirst legislative elections round scheduled for June 30. The Euro recovered despite the preliminary HCOB PMI report for June pointing to a slowdown in the Eurozone economy.
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