The EUR/USD pair struggles to gain any meaningful traction on the first day of a new week and oscillates in a narrow trading band, around mid-1.0600s
will remain higher for longer and warned that still-sticky inflation in the US was likely to attract at least one more interest rate hike by the end of this year. Furthermore, policymakers now see just two rate cuts in 2024 as compared to four projected previously, which remains supportive of elevated US Treasury bond yields.
In fact, the rate-sensitive two-year US government bond yield holds steady near its highest level since 2006 and the benchmark 10-year Treasury yield hovers near a 16-year top. This, along with persistent worries about a property market crisis in China, underpins the safe-haven Greenback. The shared currency, on the other hand, is weighed down by the European Central Bank's dovish rate decision last Thursday.
The ECB downgraded its CPI and GDP growth forecasts for 2024 and 2025, suggesting that the 14-month-long policy tightening cycle could have reached its peak already. Furthermore, the Eurozonereleased on Friday indicated that the struggling manufacturing sector continued to weigh on growth in September and fueled speculations about a possible contraction in GDP during the second half of the year.
Traders now look to the German Ifo Business Climate for some impetus ahead of ECB President Christine Lagarde's scheduled speech later during the early North American session. Meanwhile, there isn't any relevant market-moving economic data due for release from the US on Monday, leaving the USD at the mercy of the US bond yields.
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