EUR/USD saw biggest gain on Tuesday in almost one month ( 0.3%). Economists at Société Générale analyze the pair’s outlook.
FOMC minutes could nip Dollar profit-taking
Month-end portfolio rebalancing flows could bring profit-taking in the Dollar but that’s a story for next week.
Nothing in the European or US data suggests a directional shift is imminent or justified.
The FOMC minutes pose an obvious threat today and could nip Dollar profit-taking and bull steepening in 2s/10s UST in the bud.
Technically, EUR/USD is attempting cross above 200-DMA (1.0827). If it overcomes this hurdle, the bounce could extend towards the high achieved so far in February near 1.0900/1.0915.
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