The EUR/USD Struggle for Direction in the 1.0070/80 Band as the Greenback Soars in Multi-Week Highs Near 107.70.

EUR/USD

Reactions and price action around the EUR remain subdued, motivating the EUR/USD to keep business in the lower end of the recent range in the 1.0070/80 band on Friday.

The EUR/USD is failing to gather upward momentum rallies in the lower end of the weekly range following Thursday’s sharp pullback. As always, it is against the backdrop of the firm sentiment surrounding the US dollar.

The US yields, following the Dollar’s buoyant mood, has managed to resume their uptrend across the curve, simultaneously with the recent hawkish comments from Fed officials.

In line with the rest of the global money markets, German 10yBund yields trade at multi-week highs and approach the 1.20% region.

The euro area also saw German Producer Prices rise to the upside by 5.3% in July and 37.2% over the last twelve months. The Current Account surplus came at €3.24B in June.

The EUR/USD currency pair also seems to be supported near 1.0070 in the wake of the intense weekly pullback. Currently, the Euro’s price action is expected to closely follow dollar dynamics, geopolitical concerns, fragmentation worries, and the Fed-ECB divergence.

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