EUR/USD refreshes session lows, eyes on Fed minutes
The EURUSD pair fell to a new session low at 1.0651 during the NA session as the US Dollar Index continued to push higher above 100.50 ahead of the FOMC minutes. At the moment, the pair is down 0.13% at 1.0657.
The greenback seems to have received some additional boost from the US yields as the 10-year reference is up 0.45% on the day, looking to extend yesterday's steady rise. In the data space, private sector employment change as measured by the ADP came in at 263K (vs. 187K exp.) while the ISM Non-manufacturing PMI missed the estimates by dropping to 55.2 in March from 57.6 in February.
- US: ISM Non-Manufacturing signals activity cooled in March - Wells Fargo
- US: Private sector employment increased by 263,000 - ADP
On Wednesday, the euro is recording losses against most major currencies as the French political concerns take a toll. Following Tuesday's live TV debate, experts think that Le Pen is closing the gap with Macron for the second round of elections. In fact, the latest IFOP poll suggests that Le Pen's voting rate increased to 40.5%, 1 point higher from yesterday's 39.5%.
Technical outlook
A break below 1.0630 (100-DMA) has the potential to push the pair further down to 1.0600 (psychological level/Mar. 14 low) and 1.0525 (Mar. 9 low). On the upside, the initial hurdle for the pair aligns at 1.0700 (psychological level) before 1.0740 (20-DMA) and 1.0830 (200-DMA).
