EUR/USD bulls attack 0.9800 as ECB’s QT, US Retail Sales loom – by anilpanchal7 EURUSD ECB Inflation RetailSales Fed
The major currency pair posted the biggest daily gains in over a week the previous day despite firmer US inflation data. The same amplifies the market’s anxiety ahead of today’s US Retail Sales for September and the preliminary readings of the Michigan Consumer Sentiment Index and the University of Michigan’s 5-year Consumer Inflation Expectations for October.
European Central Bank policymakers discussed earlier this month a detailed timeline for running down a 3.3 trillion euro bond portfolio and envisioned the start of quantitative tightening sometime in the second quarter of 2023, sources told Reuters. It should be noted that the hawkish ECBspeak and the tiring attitude of the US dollar bulls, despite firmer US data, are also likely to favor the pair buyers.
On the same line could be the comments from European Union Economics Affairs Commissioner Paolo Gentiloni. “EU inflation connected to energy prices,” stated the policymaker earlier in the day while also adding that theOn Thursday, a third consecutively softer US Consumer Price Index jostled with the 40-year high Core CPI and drowned the US Dollar Index despite hawkishbets. Talking about the data, the US CPI rose to 8.2% versus 8.1% market forecasts but eased as compared to the 8.3% prior.
It’s worth mentioning that the money market wagers are currently pricing in the 75 bps Fed rate hike in full whereas the US benchmark Treasury yields retreat from their recent tops.
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