FX Update: Dollar-Euro Rate Steady After Coming Off Highs
EUR-USD has steadied in the low-mid-1.47s after retreating from intraday highs near 1.4770, which approximately marked the two thirds recovery point of Friday’s losses.
Unlike other pairings, the dollar has failed to reach or break the low it saw against the euro on Friday (the outperformers today have been the AUD and NZD, which have been the biggest underperformers in recent weeks).
The next fundamental leads will come from the German ZEW survey and U.S. PPI, both due tomorrow, which are likely to reaffirm the diverging path of ECB vs U.S. monetary policy expectations.