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Market News EUR/USD fluctuates below 1.0850 as attention focuses to US PPI and Retail Sales figures

EUR/USD fluctuates below 1.0850 as attention focuses to US PPI and Retail Sales figures

Due to a market holiday in the United States, EUR/USD is fluctuating below 1.0850. Amid a bullish market sentiment, the US Dollar Index (DXY) is seeking to go below the immediate support of 101.75. The release of US PPI and Retail Sales will result in decisive asset movements in the near future.

Alina Haynes

2023-01-16

9173

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As U.S. markets are closed on Monday in observance of Martin Luther King Jr.'s birthday, the EUR/USD pair is trying to find direction. The major currency pair is fluctuating below 1.0840 as investors await the publication of Producer Price Index (PPI) and Retail Sales data from the United States.

S&P500 futures had slight selling pressure early in the Asian session, but have since regained their losses and turned positive, indicating an increase in market risk appetite. Amid a bullish market sentiment, the US Dollar Index (DXY) is seeking to go below the immediate support of 101.75.

The U.S. Consumer Price Index (CPI) decelerated in December, which supported the case for a smaller interest rate increase announcement by the Federal Reserve (Fed) in the near future. As the Fed looks to stop policy tightening, the USD Index could continue its downward trend for a longer period of time going forward.

According to Wells Fargo experts, the conclusion of monetary tightening should bring a stop to the US Dollar's gains by early 2023. Indeed, we believe the trade-weighted dollar has already achieved its peak for the present cycle." They predicted a considerably more dramatic rate of USD depreciation in 2024, once the Fed begins reducing its policy interest rate at the beginning of the following year.

Investors will focus on the release of US Producer Price Index (PPI) data on Wednesday. The street anticipates a reduction due to decreasing gasoline prices, which has enabled manufacturers to reduce prices at factory gates as a result of lower production expenses. In addition, a fall in retail demand will be offset by price reductions. In addition, Retail Sales statistics will be scrutinized closely.

In the meantime, Eurozone investors are ecstatic that Germany's preliminary Gross Domestic Product (GDP) grew by 1.9% on an annualized basis in 2022, compared to the market consensus of 1.8% and the earlier release of 2.5%.