EUR/USD rebounds, Fed considers tightening as US inflation sticks – by christianborjon EURUSD Currencies Majors
US inflation on the rise: core PCE at 4.6% in March, unchanged from February.
EUR/USD Price Analysis: Likely to test 1.1100 above 1.1000; otherwise, it could test the 20-day EMA in the near term.recovered from earlier losses that dragged the pair towards its daily low of 1.0962 and is trading at around the 1.1020s area after inflation in the United States proved to be stickier than expected, warranting further tightening by the Federal Reserve .Wall Street prints solid gains in the mid-day of the New York session.
In the initial reaction, the EUR/USD dipped to its daily low, but since then, the shared currency posted an 80-pip gain before stabilizing at current exchangeOther data reported from the University of Michigan , Consumer Sentiment, remained unchanged at 63.5, while Inflation expectations for 1-year stood at 4.6%, and for a 5-year horizon at 3%.meeting, traders appeared convinced that the US central bank will increase rates by 25 bps, as shown by the CME FedWatch Tool odds of 88%.
Across the pond, Germany’s GDP for Q4 improved to 0%, from Q3’s -0.4% contraction, but missed estimates of 0.2%. In the meantime, theEUR/USD Technical Analysis The EUR/USD remained supported by the 20-day EMA, which, acting as dynamic support, remains sought by buyers, as the pair has bounced from that area since mid-March. Additionally, the Relative STrengh Index indicator continued to be in bullish territory, though its slope turned flat, as buyers took a respite after a failing attempt to 1.1100. If EUR/USD breaks the YTD high at 1.1095, 1.1100 would be up for grabs.
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