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EUR/USD still holding gains so far today

As covered here at the time, yesterday the EUR/USD hit a new post 2022 low, at 1.0178 not long after the European markets reopened. The price action that has followed since has seen the Euro recover and that rebound reached a peak earlier today, at 1.0278. The EUR/USD had closed in the US last night at 1.0245. It is trading around that US closing level just now. It was also noted again yesterday; that despite the downward trend being all too clear to see, the losses are hard fought at the moment and that is well endorsed by the price action seen over the past 24 hours. Technically the rebound since yesterday is not of much consequence at this stage though. Perhaps the markets want to see if there is more evidence of further Fed loosening delays. So, US yields have stalled on their upward path it seems for the time being, but the next couple of days could shift that, or reverse it even more. We have the US December PPI report due out later today and then the more important CPI data tomorrow. The low seen so far this morning has been set at 1.0239 
 

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