EUR/USD remains bid above 1.0600, albeit down from daily highs EURUSD Currencies Majors
EMU Final Inflation Rate rose 8.5% YoY in February.maintains the bid bias well in place around the 1.0640 region at the end of the week. Despite the bounce in the last couple of sessions, the pair’s weekly performance falls into the negative territory.The recovery in the risk complex – mainly on the back of alleviated concerns surrounding the banking system on both sides of the ocean – keeps the buying pressure unchanged around EUR/USD, which adds to Thursday’s advance past 1.
In the US, Industrial Production came flat on a monthly basis in February and contracted 0.2% vs. the same month of 2022. In addition, Manufacturing Production expanded 0.1% MoM and contacted 1.0% over the last twelve months. Finally, the CB Leading Index dropped 0.3% MoM during last month and the advanced Michigan Consumer Sentiment is expected to have deflated to 63.4 in March.EUR/USD manages to leave behind some of the recent weakness and retakes the 1.
: Continuation of the ECB hiking cycle amidst dwindling bets for a recession in the region and still elevated inflation. Impact of the Russia-Ukraine war on the growth prospects and inflationSo far, the pair is advancing 0.20% at 1.0629 and the breakout of 1.0759 would target 1.0804 en route to 1.1032 . On the other hand, the next support emerges at 1.0516 seconded by 1.0481 and finally 1.0324 .Information on these pages contains forward-looking statements that involve risks and uncertainties.
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