EUR/USD slips below 1.0700 amid EU’s recession fears, strong USD

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• EUR/USD trades at 1.0696, down by 0.20%, as negative sentiment surrounding the Eurozone’s economic outlook weighs on the Euro.
• Disappointing industrial production in Germany stokes recession concerns, contributing to the Euro’s decline.
• ECB officials maintain a cautious approach, with de Guindos emphasizing data dependency and Enria warning of the impact of higher rates on property prices.

EUR/USD extended its losses below the 1.0700 figure late in the New York session, failing to extend its uptrend, which peaked at around 1.0756, though sellers dragged prices toward current exchange rates. At the time of writing, the pair is trading at 1.0696, losing 0.20%.