EURUSD NEWS : comes under pressure and challenges 0.9700 ahead of Lagarde, FOMC


EURUSD NEWS :  EURUSD comes under pressure and challenges 0.9700 ahead of Lagarde, FOMC

EURUSD looks indecisive around the 0.9700 zone on Wednesday.

EMU Industrial Production surprised to the upside in August.

US Producer Prices, FOMC Minutes will take centre stage in the NA session.

The buying interest dwindles somewhat around the European currency and motivates EURUSD to give away initial gains and put the 0.9700 area to the test on Wednesday.

EURUSD focuses on ECB, FOMC

EUR/USD meets some obstacles following Tuesday’s humble advance in spite of the renewed weakness in the greenback and the firmer note in the risk-associated universe.

EURUSD NEWS : The pair’s inconclusive price action comes in tandem with a marginal uptick in the German 10-year bund yields, which flirt with the 2.34% region vs. the broad-based loss of momentum in their American peers.

Later in the session, Chair Lagarde will participate in the G20 Finance Ministers and Central Bank Governors meeting and in the 2022 IIF Annual Membership Meeting.

In the domestic calendar, Industrial Production in the euro area expanded 2.5% YoY for the month of August.

Across the pond, MBA Mortgage Applications and Producer Prices will be in the limelight ahead of the publication of the FOMC Minutes of the September gathering.

What to look for around EUR

EURUSD NWES : EURUSD looks to consolidate the recent breakout of the 0.9700 hurdle midweek.

In the meantime, price action around the European currency is expected to closely follow dollar dynamics, geopolitical concerns and the Fed-ECB divergence. Following latest results from key economic indicators, the latter is expected to extend further amidst the ongoing resilience of the US economy.

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