EURUSD
caught a small lift against the Greenback (USD) in early Tuesday trading before reversing direction and heading back into bearish territory and is now probing into the
EURUSD
pair's lowest prices in half a year. The broad US Dollar Index (DXY) is seeing a healthy bid across the markets, bolstered by a jump in US Treasury yields.
German 10-year Bund yields are also receding from 12-year highs above 2.80%, exacerbating the Euro's backslide.
Adding to the EUR's woes is a rate cycle logjam within the European Central Bank (ECB). Voting members of the ECB have reached a consensus that it's best to avoid any further rate hikes as the central bank waits for evidence that current rates are having the desired effect.
