Euro adds to Thursday’s negative price action.
No respite for the sell-off in stocks markets in Europe on Friday.
EUR/USD plunges to multi-session lows near 1.0850.
Disheartening prints in the euro docket weigh on the pair.
The USD Index (DXY) reclaims the 103.00 mark and beyond.
The selling pressure remains well and sound around the Euro (EUR) and the rest of the risk-associated assets, and this time it forces EUR/USD to surrender further ground and breach the key support at 1.0900 the figure.
The pair has so far given away more than a cent since Thursday’s fresh monthly peak above the psychological 1.1000 barrier.
In fact, the European currency saw its decline exacerbated in response to poor prints from the advanced Manufacturing and Services PMIs in both France and Germany for the month of June, which in turn reignited recession concerns in the region.
On the USD-side of the equation, the USD Index (DXY) advances to fresh tops just above the 103.00 hurdle, underpinned by the downside bias in the risk complex and the persistent hawkish narrative from the Federal Reserve’s speakers, including Chief Jerome Powel.
The potential next moves by both the Federal Reserve and the European Central Bank in normalizing their monetary policies are at the centre of the debate in the macroeconomic scenario against the backdrop of an increasing speculation of an economic slowdown on both sides of the Atlantic.
It is PMI-day across the pond too, while St. Louis Fed J. Bullard (2025 voter, hawk), Atlanta Fed R. Bostic (2024 voter, hawk) and Cleveland Fed L. Mester (2024 voter, hawkish) are also due to speak later in the NA session
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