EUR/USD drops towards 1.1000 as ECB hawks retreat, First Bank roils the mood, US NFP, Fed eyed – by anilpanchal7 EURUSD ECB Fed NFP RiskAversion
nday’s Asian session. In doing so, the Euro pair bears the burden of the recently easing hawkish bets on, as well as the strong inflation signals from the US. Also challenging the pair buyers at the multi-month high are the economic slowdown fears and the First Republic woes.
The Federal Deposit Insurance Corporation calls in bids for the troubled US bank after an exodus of withdrawals caused First Republic's share price to tank. That said, multiple top-tier private organizations, including JP Morgan, bid for the bank’s takeover. The results are up for release and can give only knee-jerk optimism as an immediate defense of the bank by a private player isn’t a solution to the broad banking problems.
Elsewhere, ECB hawks retreat amid downbeat EU and German statistics released in the last week. On Friday, preliminary readings of Germany’s inflation for April, as per the Harmonized Index of Consumer Prices index, eased to 7.6% YoY versus 7.8% expected and prior. Further, the nation’s inflation per the Consumer Price Index also softened to 7.2% YoY compared to 7.3% market consensus and 7.4% previous readings.
Amid these plays, the CME Group FedWatch Tool suggests higher odds of the Fed’s 0.25% rate hike in May and June, as well as a reduction in the market’s bets on the September rate cut from the US central bank. With this, S&P 500 Futures print mild losses even as Wall Street closed positive and the yields eased.
Moving on, holidays in multiple European markets on Monday may restrict EUR/USD moves even as the US ISM Manufacturing PMI is up for release. However, major attention will be given to Wednesday’s Fed meeting, Thursday’s ECB monetary policy announcements and Friday’s US jobs report for April. Overall, bulls appear running out of steam but bears have a tough task retaking control.
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