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Euro Forecast: EUR/USD Sinks to Support, Hangs on For Dear Life, EUR/GBP Stuck

October 2, 2023

Via: DailyFX

EUR/USD fell sharply on Monday, weighed by broad-based U.S. dollar strength amid soaring U.S. Treasury yields, with the 10-year note pushing above 4.65% and hovering near its highest level since 2007. In this context, the pair sank about 0.5% in early afternoon trading in New York, steadily approaching the 1.0500 psychological level, a key near-term support to keep an eye on.

Today’s moves in FX markets were due to several factors. First off, the greenback benefited from a last-minute agreement in Washington to fund the government and avoid a shutdown over the weekend.

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