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EUR/USD Retreats Ahead of ECB Rate Decision Amid US Yield Volatility

Guavy AI Editorial Team
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EUR USD
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The EUR/USD pair pulled back on Wednesday after US Treasury bond-buyback announcement triggered volatility in yields, allowing the US Dollar to recoup some losses.

Markets were hesitant to push for bullish positions ahead of the European Central Bank's rate decision on Thursday. Scotiabank noted that markets have fully priced a 25 basis point hike this week and another 25 basis points in December.

The pair had been trading near 1.1640, attempting to build on its move above the 200-day Simple Moving Average at 1.1633. Technical indicators showed the Relative Strength Index was around 58, with a rising trend, while the MACD remained slightly below zero as its red histogram faded.

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