EUR/USD looks offered but holds on above 1.0700, focus on Lagarde

EUR/USD extends the corrective downside near 1.0700.

The greenback regains poise amidst higher yields.

ECB’s Lagarde, US ISM Manufacturing next of note in the docket.

The offered bias remains well and sound around the European currency and puts EUR/USD under pressure near the 1.0700 mark on Wednesday.

EUR/USD focuses on Lagarde

EUR/USD sheds ground for the second straight session, as the recovery in the greenback appears to have picked up extra pace on Wednesday.

Indeed, the downtick in the pair comes amidst further rebound in US yields along the curve, while the German 10y Bund yields reached new 3-week tops past 1.15%.

No reaction around the euro after ECB’s Holzmann favoured once again hiking rates by 50 bps against the current backdrop of elevated inflation figures.

In the calendar, final figures showed the German Manufacturing PMI improve a tad to 54.8 in May and tick lower to 54.6 when it comes to the broader Euroland. Still on the latter, the Unemployment Rate remained at 6.8% in April. Later in the session, Chairwoman Lagarde will speak at a BIS event.

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