EUR/USD seeks clear directions above 1.0700, ECB’s Lagarde, US Retail Sales eye – by anilpanchal7 EURUSD ECB Fed RiskAppetite Inflation
US inflation data came in better than forecast but came in below previous readings in January.An absence of hawkish tone in Lagarde’s speech, upbeat US data needed for further downside.seesaws around 1.0730 after a volatile Tuesday that initially refreshed the weekly top before posting a 100-pip fall and then bouncing off 1.0706.
While considering the data, Dallas Federal Reserve President Lorie Logan stated that they must remain prepared to continue rate increases for a longer period than previously anticipated. On the same line was New York Fed President John Williams who noted that the work to control too high inflation is not yet done. Additionally, Philadelphia Fed President Patrick Harker signaled that they are not done , but they are likely close.fourth quarter Gross Domestic Product matched 0.1% QoQ and 1.
Following the data, European Central Bank Governing Council member Gabriel Makhlouf said, “ECB could raise above 3.5% and hold them there for the remainder of the year,” per the Wall Street Journal . Earlier on Tuesday, ECB policymaker Mario Centeno said that the full impact of rate hikes may not reach the European economy.
Amid these plays, US 10-year Treasury bond yields seesaw around 3.75%, up three basis points after refreshing a six-week high, which in turn allowed the US Dollar to bounce off one-week to end the day on a positive side. Further, Wall Street closed mixed even after the mostly upbeat performance of the Asian and European markets.
Moving on, ECB President Christine Lagarde’s speech and monthly prints of the US Retail Sales for January, expected 1.8% versus -1.1% prior, will be closely watched for clear directions. Given the recent risk-off mood and firmer yields, the EUR/USD sellers are likely to return to the table in case the scheduled data/events allow.Although failure to provide a daily close beyond the 21-day Exponential Moving Average , around 1.
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