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The EUR/USD pair received bids to revisit many-year depth during a week straight downtrend. United States Treasury yield trends upwards to new heights while the anxiety of economic depression and hawkish apex banks was prevalent. Also, power problems in the Euro area combined with anxieties of additional drama surrounding the Russia and Ukraine war to continue supporting the downward forces.
Also, it was reported that the PBOC (People’s Bank of China) may sustain liquidity supply through reverse repo activity. This is to keep the month-ending liquidity plentiful and normalize interest rates in the currency market. Over the past seven days, the People’s Bank of China has supplied significant liquidity value of one hundred and seventy-three billion CNY. This much liquidity is said to be the largest since February’s ending.
Additional Factors Influencing EUR/USD Price
It is important to note that more difficulties may be witnessed in Europe because of the Russian oil spillage into the Baltic Sea. Consequently, this appears to have as well caused some more weakness in the EUR/USD recently.
Meanwhile, the United States ten years Treasury bond yield stays strong at its highest point since approximately 12 years ago. Also, it has increased by 3 bps around 4.0% recently. Furthermore, Wall Street ended in confusion as market participants are unassured of the coming action of the main apex bank during the inflation crisis. Additionally, the S&P 500 dipped by 0.30% in-day to break the 21-month low.
Having said this, the EUR/USD stays pressurized towards revisiting the many-year low, as Risk avoidance combines with strengthening United States fundamentals to support the USD. Nevertheless, the pairs coming move rests on Jerome Powell’s and Christine Lagarde’s remarks.
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