{"id":28491,"date":"2024-06-17T08:15:50","date_gmt":"2024-06-17T08:15:50","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=28491"},"modified":"2024-06-17T08:15:50","modified_gmt":"2024-06-17T08:15:50","slug":"eur-usd-consolidates-near-1-0700-after-recent-low","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/eur-usd-consolidates-near-1-0700-after-recent-low\/","title":{"rendered":"EUR\/USD Consolidates Near 1.0700 After Recent Low"},"content":{"rendered":"

EUR\/USD Consolidates Near 1.0700 After Recent Low<\/strong><\/h1>\n

The EUR\/USD<\/strong><\/a> pair starts the week on a subdued note, consolidating its recent losses to the lowest level since early May, around the 1.0670-1.0665 region touched on Friday. Currently trading around the 1.0700 mark, the pair appears vulnerable to further declines.<\/span><\/p>\n

Concerns over a potential snap election in France, which could worsen the fiscal situation in the Eurozone\u2019s second-largest economy, continue to weigh on the shared currency. The right-wing National Front party leads in the polls, and French Finance Minister Bruno Le Maire warned on Friday of a financial crisis risk if either the far right or left won due to their heavy spending plans. This, coupled with a modest uptick in the US Dollar (USD), supports a near-term negative outlook for the EUR\/USD pair.<\/span><\/p>\n

The Federal Reserve\u2019s (Fed) hawkish surprise at the end of the June policy meeting, indicating a median projection of just one rate cut in 2024, supports elevated US Treasury bond yields. Additionally, ongoing geopolitical tensions in the Middle East bolster the safe-haven Greenback, suggesting a downward trend for the EUR\/USD pair. However, signs of easing inflationary pressures in the US keep the door open for a potential interest rate cut by the Fed in September.<\/span><\/p>\n

This outlook was reinforced by US data released on Friday, showing an unexpected drop in import prices in May, further boosting the domestic inflation outlook. Additionally, a survey by the University of Michigan revealed a sharp deterioration in US consumer sentiment in June, which might prevent USD bulls from placing aggressive bets and help limit losses for the EUR\/USD pair. With no relevant US economic data due for release on Monday, the pair remains at the mercy of the USD.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

EUR\/USD Consolidates Near 1.0700 After Recent Low The EUR\/USD pair starts the week on a subdued note, consolidating its recent losses to the lowest level since early May, around the 1.0670-1.0665 region touched on Friday. Currently trading around the 1.0700 mark, the pair appears vulnerable to further declines. Concerns over a potential snap election in<\/p>\n... continue reading<\/a>.","protected":false},"author":1,"featured_media":28492,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[94,265,266,168,296,19,24,157,162,22,2313],"yoast_head":"\r\nEUR\/USD Consolidates Near 1.0700 After Recent Low<\/title>\r\n<meta name=\"description\" content=\"The EUR\/USD pair starts the week on a subdued note, consolidating its recent losses to the lowest level since early May, around\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/eur-usd-consolidates-near-1-0700-after-recent-low\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"EUR\/USD Consolidates Near 1.0700 After Recent Low\" \/>\r\n<meta property=\"og:description\" content=\"The EUR\/USD pair starts the week on a subdued note, 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