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EUR/USD still stymied by ECB outlook and elevated US yields
The EUR/USD has traded a tight range again so far today and what price action there has been so far has been skewed to the downside. The EUR/USD closed in the US last night at 1.0748. The push higher in US yields, which is supporting the USD/JPY again right now is also denting the topside for the EUR/USD, notwithstanding corresponding gains in the EUR/JPY. The outlook for the ECB to cut rates next month and the prospect of higher for longer from the Fed is eclipsing any gains for the Euro resultant from the weaker than forecast US data seen most lately. The EUR/USD is currently trading at 1.0742
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