EUR/USD languishes near one-week low, just above mid-1.0500s as traders look to ECB

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• EUR/USD edges lower for the third successive day and is pressured by a combination of factors.
• Rising bets for a pause in the ECB’s 14-month-old rate-hiking cycle undermine the shared currency.
• Hawkish Fed expectations, elevated US bond yields and a weaker risk tone benefit the Greenback.
• The setup seems tilted in favour of bearish traders as the focus remains on the ECB rate decision.

The EUR/USD pair remains on the defensive during the Asian session on Thursday and currently trades around the 1.0560 area, or a one-week low as traders keenly await the European Central Bank (ECB) rate decision.