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- EUR/USD tumbles amid stronger Dollar, drops below 1.1000
EUR/USD tumbles amid stronger Dollar, drops below 1.1000
- US Dollar strengthens on Friday after US data and Fed talk.
- EUR/USD drops 80 pips from top, but holds firm to weekly gains.
The EUR/USD is losing ground on Friday as the US Dollar recovers a part of recent losses. The pair reached a fresh daily low at 1.0987 moving away from the one-year lows it hit on European hours at 1.1075.
The US Dollar Index (DXY) is up by 0.50% on Friday, hovering around 101.50 following mixed US economic data. Comments from Federal Reserve officials and higher US yields helped the Dollar.
Fed Governor Christopher Waller said that the central bank has not made much progress on the inflation goal and argued rates need to rise further. In an interview with CNBC, Chicago Fed President Austan Goolsbee mentioned that “a mild recession is definitively on the table as a possibility.”
Economic data came in mixed, with lower-than-expected numbers from Retail Sales, but Industrial Production and University of Michigan’s Consumer Sentiment rose more than expected.
Following data and comments, US yields jumped. The 2-year Treasury yield rose from under 4% to 4.10% and the 10-year from 3.45% to 3.52%. Eurozone bond yields are also rising but at a slower pace.
Despite Friday’s reversal, EUR/USD is still on its way to the highest weekly close in a year. It is holding up, however, the retreat from the highs raises doubts about more gains for the next session.
Price is hovering around daily lows at 1.0990. The next support area is seen at 1.0970 followed by 1.0935. On the upside, 1.1040 could become the immediate resistance.
Technical levels
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