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The EUR/USD tumbled back below the 1.1300 round-figure mark, albeit showed some resilience at lower levels and managed to regain some positive traction during the Asian session on Wednesday, Haresh Menghani from FXStreet reports.

Key quotes

“The US dollar staged a strong recovery on hopes of fiscal stimulus by the Trump administration and was seen as one of the key factors behind the pair’s sharp intraday fall of over 175 pips.”

“A fresh leg down in the US equity futures and the US bond yields kept the USD bulls on the defensive.”

“Market participants will now look forward to the release of the latest US consumer inflation figures, due later during the early North-American session. The headline CPI is expected to ease to 2.2% YoY rate in February as compared to 2.5% previous and might provide some impetus.”

“Following the data, the US Treasury Secretary Steven Mnuchin will testify on the Proposed Fiscal Year 2021 Budget, which should play a key role in influencing the USD price dynamics and produce some meaningful trading opportunities.”

 

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