EUR/USD remains depressed below 1.0900, US/EU PMI, ECB’s Lagarde and Fed’s Powell eyed

EUR/USD grinds near 1.0880 as bears take a breather at the lowest levels in six weeks after dominating since late July in a row. That said, the Euro p

air’s latest consolidation could be linked to the market’s preparations for this week’s top-tier data/events, especially amid a light calendar on Monday. However, the bearish bias remains intact as the latest EU/US data andThe upbeat US second-tier manufacturing activity numbers, Retail Sales and wage growth allowed the US Dollar to remain firmer for the fifth consecutive week, especially backed by the hawkish Fed Minutes.

In addition to the data line that favored the US Dollar, the easing of the dovish bias about the Federal Reserve , backed by the latest Fed Minutes, also weighed on the EUR/USD price. The latest Fed Minutes showed that most policymakers preferred supporting the battle again the ‘sticky’ inflation, despite being divided on the imminent rate hike.

It’s worth noting that the market players started reassessing previous biases about the major central banks and added strength to the, primarily fuelled by the China-linked woes. That said, investors anticipated that the end of the rate hike cycle is still unclear, which means more bearish pressure on riskier assets and a rush for the US Dollar.

While portraying the mood, Wall Street closed mixed and the US Treasury bond yields retreat after a strongly negative week for theLooking ahead, a light calendar on Monday may allow the EUR/USD pair to consolidate the latest losses. However, cautious mood ahead of the August month Purchasing Managers Indexes will decorate the calendar on Wednesday amid the market’s cautious optimism.

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