EUR/USD: Bulls and bears jostle around mid-1.0700s with eyes on US Inflation – by anilpanchal7 EURUSD RiskAppetite ECB Fed Inflation
US Dollar rebounds despite softer US data on Fed Chair Powell’s hesitance to provide monetary policy clues.China inflation decorates calendar, highlighting risk catalysts as the key.treads waters around 1.0740 during the early hours of Wednesday’s Asian trading, after portraying a sluggish performance on Tuesday, as traders await the key catalysts for clear directions. Among them the US Consumer Price Index for December gains a major attention.
The reason for the US Dollar strength could also be linked to Federal Reserve Chair Jerome Powell's hesitance at Riksbank's International Symposium on Central Bank Independence in offering further clarity on the US central bank’s monetary policy outlook. However, Federal Reserve Governor Michelle Bowman appeared hawkish while stating that more rate rises needed to combat high inflation.
It’s worth noting that the World Bank’s grim economic forecasts and expectations of upcoming recession also seemed to have probed the EUR/USD traders. That said, the World Bank stated that it expects the global economy to grow by 1.7% in 2023, down sharply from 3% in June'sAmid these plays, the US 10-year Treasury yields rose 10 basis points to 3.61% and put a floor under the US Dollar even if Wall Street managed to close on the positive side.
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