EUR/USD looks to leave behind the recent 2-day weakness and navigates within a narrow range and amidst tepid gains near 1.0770 on Monday.
EUR/USD remains cautious on banking jitters
EUR/USD starts the week in a positive fashion and so far prints humble gains near 1.0770 on the back of the generalized prudence among market participants regarding developments in the banking sector.
In the meantime, the absence of a clear direction in the broad risk appetite trends favour the pair’s ongoing erratic performance, although better-than-expected results from the German docket lends some support to the single currency on Monday.
On the latter, Business Climate in Germany tracked by the IFO Institute improved to 93.3 for the month of March (from 91.1). In addition, an IFO economist suggested that a winter recession in the country now looks more unlikely and noted a smaller proportion of businesses that want to raise prices.
From the ECB, Board member Simkus noted that bank liquidity and capitalization remain high in the euro area, while his colleague De Cos suggested tighter financial conditions have been impacting on the outlook for the economic activity and inflation. Later in the session, ECB’s Board members Elderson and Schnabel are also due to speak.
Across the pond, the speech by FOMC’s P.Jefferson will be in the limelight along with short-term bill auctions
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