Forex

Euro to Dollar exchange rate approaching positive move; poised for upward momentum.

EUR/USD Pair Shows Signs of Bullish Breakout on Weak US Dollar

Foreign Exchange Market Turning Bearish on USD

Bank of America Securities reports that the foreign exchange market is leaning towards a bearish trend on the U.S. dollar, indicating a potential bullish breakout for the EUR/USD pair.

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Options Skews Favoring USD Puts

Recent data suggests that option skews have shifted towards USD puts, with European investors abandoning their long USD positions from the previous month.

EUR/USD Pair Holding Strong Despite US Inflation Data

Even with U.S. inflation rising by 0.5% in April, the EUR/USD pair remains resilient, trading 0.2% higher at $1.0812. This resilience indicates market sentiment favoring the Euro over the Dollar.

Expectations for Weak US Dollar Continues

The FX options positioning forecasts a weak U.S. dollar, with expectations for a 0.4% monthly increase and a 3.4% annual rise. The core CPI, excluding volatile items, is also projected to rise by 0.3% month-on-month and 3.6% annually.

Bullish Outlook for EUR/USD Pair

Bank of America Securities anticipates a potential rally for the EUR/USD pair, clearing key resistance levels if U.S. core CPI data falls short of expectations. This bullish outlook signifies a change in trend for the pair, potentially exiting its downtrend for the year.

Anticipated easing of inflation concerns could further boost the Euro against the Dollar, fueling the bullish sentiment for the EUR/USD pair.

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