Euro advances to week-high

1 min read

The EURUSD pair is attracting buyers for the third successive day on Thursday and climbing to a one-and-half-week top, closer to mid-1.0800s during Asian trades.

The US Dollar is extending this week’s corrective decline from the highest level since February 14 amid the uncertainty over the Federal Reserve’s rate cut path. Apart from this, a positive risk tone is seen as another factor undermining the safe-haven Greenback and acting as a tailwind for EURUSD.

That said, expectations that the European Central Bank (ECB) will cut interest rates in June, bolstered by softer-than-expected Eurozone consumer inflation figures on Wednesday, might keep a lid on any further gains for the currency pair.

(Source: OANDA)