EUR/USD grinds higher above 1.0750 on ECB’s comments and offered USD – by christianborjon EURUSD Majors Currencies
Euro climbed on hawkish ECB commentary and expectations that US inflation would ease
Wall Street continues its rally ahead of the release of the US CPI report. The lack of US economic data releases and an irrelevant speech by the US Federal Reserve Chairon Tuesday left the EUR/USD adrift to speculations that US inflation would ease, which could pave the way for a less aggressive Fed. Consequently, the EUR/USD rose steadily.
Aside from this, the EUR/USD got a lift courtesy of several European Central Bank officials’ hawkish commentaries. On Tuesday, ECB’s Schnabel said that “interest rates will still have to rise significantly” and that “inflation will not subside by itself.
Ahead of the week, the US economic docket will feature the Consumer Price Index report Thursday, with estimates at 0% MoM while annual based is estimated at 6.5%. The so-called Core CPI is foreseen at 0.3% MoM, a tick higher than the previous month, while yearly, it is estimated to come at 5.7%.perspective, the EUR/USD break of weekly highs around 1.0750s opened the door for testing the June 2022 highs of 1.0773. Once that price level is broken, the EUR/USD might test the 1.
On the other hand, EUR/USD failure to crack 1.0800 would expose the pair to selling pressure, which could tumble the pair to 1.0750, followed by a test of the January 10 daily low of 1.0711 and the 1.0700 figure.
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