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KBC Bank analysts suggest that the easing of the risk rally might slow the EUR/USD rebound, after it rebounded off recent lows last week, but with no strong momentum.

Key Quotes

“Today’s USD specific news (consumer confidence & Powell’s assessment on Fed balance sheet) might also weigh on USD.”

“Any EUR/USD rebound will probably develop a slow pace as long as EMU data remain unconvincing. Still a break beyond 1.1370 might open the way for further gains in the 1.12/1.15 ST consolidation pattern.”