EUR/USD stays firm around 1.0840, with traders eyeing German and US inflation data EURUSD Majors Currencies
g a doji. Hence, indecision is the game's name, as the greenback staged a recovery on Wednesday. The EUR/USD is trading at 1.0841, down 0.02%, as the Asian session begins.The shared currency has been bolstered by a soft US Dollar, which snapped two days of straight losses, as shown by a basket of six currencies vs. the buck. TheThe US economic docket featured Pending Home Sales, which increased by 0.8% MoM in February, exceeding expectations for a 0.3% drop. Annually, it fell by 21.
side, the German Gfk Consumer sentiment in April improved to -29.5 from a revised -30.6 in March. Although it improved, it was beneath the estimates of -29.0. policymakers have stressed the need for higher interest rates after the bank turmoil dissipated. Philip Lane, the ECB Chief Economist, said, “Under our baseline scenario, to make sure inflation comes down to 2%, more hikes will be needed.”
Therefore, the EUR/USD pair has been upward pressured as market participants estimate that the US Federal Reserve would leaveThe EUR/USD would be influenced by inflation data in the US and the EU on Thursday and Friday. The Fed’s preferred gauge for inflation, the core PCE, will be revealed on Friday. Any upward revisions could put into play further rate increases by the US central bank.
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