EUR/USD snaps three-day losing streak above 1.0600 as US Dollar retreats amid cautious optimism – by anilpanchal7 EURUSD ECB Fed Politics RiskAppetite
That said, the major currency pair prints the first daily gain in four while bouncing off the lowest level since early January, marked the previous day, amid hopes from the latest economic data. Recently firmer global activity numbers and comments from the key central bank officials, mainly from the West, have raised hopes that the recession is less likely to happen. Even if it does in a certain part of the world, the effects will be mild and short-lived.
Elsewhere, Federal Open Market Committee’s Monetary Policy Meeting Minutes stated that all participants agreed more rate hikes are needed to achieve the inflation target. The same initially triggered the market’s risk-off mood and favored the EUR/USD bears before the details suggested that the policymakers also discussed going easy on the rate hike trajectory. The same highlights softer inflation expectations as the key concern for the recent improvement in mood.
Talking about the mixed data from Europe, Germany’s IFO Business Climate improved to 91.1 for February versus 91.4 expected and 90.1 prior while the Current Assessment eased to 93.9 from 94.1 previous readings and analysts’ estimations of 95.00. Further, the IFO Expectations gauge rose to 88.5 compared to 88.3 market consensus and 86.4 prior. Following the release of the , the institute’s Economist Klaus Wohlrabe said that the “German economy will not get around recession but it will be mild.
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