8 Feb 2022 , 04:39 PM
The European unit is seen under pressure near 1.1400 levels following recent peaks close to 1.1500 the figure but is recovering from intraday low levels. The single common currency weakened for a second consecutive day on Tuesday after European Central Bank President Christine Lagarde said there is no need for big monetary policy tightening in the euro zone. The EUR/USD pair is currently quoting at 1.1426, after touching briefly below 1.1400 mark at 1.1396 earlier in the day. Bond yields surged and the euro notched up its best weekly performance since March 2020 last week after the ECB opened the door to an interest rate rise later in 2022 and said a March 10 meeting would be key in deciding how quickly the central bank would wind down its long-running bond-buying scheme.
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