EURUSD
EUR/USD came under renewed bearish pressure and dropped to its lowest level since November below 1.0700. Although the pair's technical outlook points to oversold conditions, it might be risky to bet on a Euro rebound amid diverging European Central Bank (ECB) and Federal Reserve (Fed) monetary policies.
The ECB left key rates unchanged as expected following the April policy meeting. ECB President Christine Lagarde reiterated the data-dependent approach to policy and refrained from confirming a rate cut in June. Nevertheless, citing three sources, Reuters reported that ECB policymakers were still expecting a rate cut in June.
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