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EUR/USD pares back from multi-week highs in 1.1160s, still well supported after hot EZ inflation readings

EUR/USD pares back from multi-week highs in 1.1160s, still well supported after hot EZ inflation readings

EUR/USD has pulled back from earlier multi-week highs in the 1.1160s but remains well supported in the 1.1140 area.

USD continues to suffer from broad weakness versus the majority of its G10 counterparts despite less optimistic Russo-Ukraine updates.

Meanwhile, hot Eurozone inflation data has encouraged euro buying as US data comes into focus.

Though the pair has waned from its earlier multi-week highs in the 1.1160s after selling pressure ahead of the 50-Day Moving Average near 1.1180 emerged, EUR/USD continues to trade with healthy on-the-day gains of about 0.4% in the 1.1130s. The US dollar continues to suffer from broad weakness versus the majority of its G10 counterparts, even as recent tailwinds in the global equity space subside amid less optimistic headlines regarding Russo-Ukraine peace talks, lifting EUR/USD. Another factor likely encouraging euro buying against the buck is recent hot inflation readings coming out of the Eurozone which, as […]

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