EUR/USD leaps near 1.2400 on ECB

• The pair trades closer to the 1.2400 handle on hawkish Nowotny.
• USD remains under pressure below the 90.00 mark.
• US Producer Prices next of relevance on the docket.

EUR/USD is clinching fresh multi-day tops near 1.2400 the figure following hawkish comments by ECB’s E.Nowotny.

EUR/USD up on ECB, looks to data

The pair is trading in new 2-week tops in response to hawkish comments by ECB’s Board member E.Nowotny, who noted that the European Central Bank will end its bond-buying programme by year-end.

Nowotny, however, said it remains premature to infer the timing of the start of the tightening cycle.

Spot quickly climbed to 2-week tops in the 1.2370/80 band in the wake of the comments, recording at the same time the third consecutive daily advance and extending the rebound from recent lows in the 1.2210 area.

EUR/USD levels to watch

At the moment, the pair is gaining 0.41% at 1.2370 and a break above 1.2478 (high Mar.27)would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.16). On the downside, immediate contention emerges at 1.2294 (10-day sma) seconded by 1.2214 (low Apr.6) and finally 1.2206 (low Feb.9).