Posted 12/7/2023, 7:20:52 PM
Euro Rallies Against US Dollar on Rate Cut Bets, Breaks Back Above 1.08
- EUR/USD climbs on Thursday, breaking back above 1.0800 as dollar weakens on increased bets of a Fed rate cut
- Markets looking ahead to Friday's data including German inflation, US jobs report, wage growth, and consumer sentiment
- EUR the strongest major currency on Thursday; JPY and CHF also gain ground vs the dollar
- EUR/USD takes out 50-hour SMA to the upside but faces resistance from bearish 200-hour SMA
- Pair snapped 6-day losing streak, finding support near 50-day SMA around 1.0700 after October bounce from 1.0450 lows