EUR/USD CLIMBS ABOVE 1.0700 ON SOFT US DOLLAR ON WEAK US PMIS
- EUR/USD gains 0.40%, breaching resistance amid disappointing US manufacturing and composite indices.
- ECB's Joachim Nagel emphasizes inflation targets before any potential rate cuts despite slowing inflation.
- Upcoming economic indicators include US Durable Goods, Q1 GDP, and Eurozone business confidence reports.
During Tuesday's North American session, the Euro appreciated against the US Dollar, up by more than 0.40%, and exchanged hands above a key resistance level. Softer than expected, US economic data weighed on the Greenback, which trades with losses against most G8 currencies. The EUR/USD trades at 1.0705 after reaching a low of 1.0638.
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