EUR/USD remains on the defensive above the 1.0700 mark
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Currently, the EUR/USD pair is facing difficulties in making gains after experiencing volatile activity on Friday. The main focus remains around 1.0710 in the early Asian session on Monday. On Friday, the US Dollar (USD) ended its streak of eight consecutive weeks of gains as market participants adopted a cautious approach ahead of this week's crucial inflation data release.
Currently, the EUR/USD pair is facing difficulties in making gains after experiencing volatile activity on Friday. The main focus remains around 1.0710 in the early Asian session on Monday. On Friday, the US Dollar (USD) ended its streak of eight consecutive weeks of gains as market participants adopted a cautious approach ahead of this week's crucial inflation data release.
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US Treasury Secretary Janet Yellen said on Sunday that she is becoming more convinced that the US will be able to curb inflation without causing major impacts on the labor market. She added that every gauge of inflation is erasing and there was no massive wave of layoffs.
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At the time of the survey, the US Dollar Index (DXY) measuring greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased slightly by 0.25%; to 104.85.
