Forex
Home›Forex›Major Pairs›EURUSD nears 1.147 as dollar weakens on easing US infl…
EURUSD nears 1.147 as dollar weakens on easing US inflation
EURUSD climbed to 1.1456, while softer US inflation data pulled Treasury yields lower, with the 2-year yield down 5.6 basis points to 4.136% and the 10-year down 3.6 basis points to 4.549%.
EURUSD extended its rally to a new session high of 1.1456, as the US dollar stayed under pressure following softer-than-expected US inflation readings. Forexlive said this week’s CPI and today’s PPI reinforced expectations that inflation pressures are easing.
The shift in rate expectations is also weighing on yields, Forexlive reported. The 2-year Treasury yield fell 5.6 basis points to 4.136%, and the 10-year yield declined 3.6 basis points to 4.549%, helping support the euro.
From a technical standpoint, Forexlive noted the pair is approaching a resistance zone between 1.14618 and 1.14715. It said 1.14618 has repeatedly capped advances, including prior stalls near that level on July 3, July 10, and July 14.
Just above, Forexlive highlighted 1.14715 as another critical hurdle, which it tied to a post-US jobs report high on July 2. It added that a decisive break above the 1.14618 to 1.14715 area would strengthen the bullish case, while the zone remains a key test as sellers have defended it before.