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Mar 31 - 11:55 AM

EUR/USD - COMMENT-EUR/USD Remains Beset By Contrasting Pandemic News, Fed Vs ECB Views

By Randolph Donney  —  Mar 31 - 10:19 AM

EUR/USD fell to its lowest level in nearly five months on Wednesday, remaining under pressure from contrasting U.S. and euro zone pandemic recovery paths that will reinforce expectations of the Fed and ECB divergence.

EUR/USD has fallen with 10-year Bund-Treasury yield spreads, now near pandemic lows after a drop in euro zone core CPI and European Central Bank President Christine Lagarde threatening on Bloomberg TV to increase actions to keep local yields from rising with Treasury yields nL8N2LT2RV, thus fostering a weaker EUR/USD nL1N2LT1EF.

Though below consensus projections, a 517,000 ADP jobs rise was still strong and may bolster expectations of a robust non-farm payrolls report on Friday.

EUR/USD appears headed for November and September's 1.1602/12 lows that have weekly tech support nearby, and not far from Wednesday's 1.1704 lows.

Under pressure to change the course of a third wave of COVID-19 infections that threatens to over-run hospitals, French President Emmanuel Macron will deliver an address on Wednesday at 1800 GMT nL8N2LT1SZ.

Though U.S. infections remain fairly high, they are well off their worst levels and vaccinations are widely available nL1N2LO2QK.

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Source:
Refinitiv IFR Research/Market Commentary

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