EUR/USD remains capped near 100-day SMA amid emergence of USD dip-buying
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The EUR/USD pair struggles to capitalize on its modest intraday gains back closer to the 1.0800 mark, a fresh weekly high, and turns neutral during the first half of the European session on Thursday. Expectations for an interest rate cut at the start of the second quarter have been growing stronger, undermining the Euro. The USD Index (DXY) has stalled its retracement slide from the highest level since November 14 amid the Federal Reserve's less dovish outlook. The markets are still pricing in five rate cuts over the course of the seven remaining FOMC policy meetings this year. Traders now look to the release of the US Weekly Initial Jobless Claims data, which, along with scheduled speeches by Richmond Fed President Thomas Barkin, might provide some impetus. The market focus remains glued to the latest US consumer inflation figures, due next week.
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