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Market News EUR/USD seeks a range break near 1.0600 in advance of US NFP and Eurozone Inflation data

EUR/USD seeks a range break near 1.0600 in advance of US NFP and Eurozone Inflation data

The EUR/USD attempted to emerge from the woods on a high note amidst an optimistic market sentiment. Fed Kashkari expects interest rates will peak around 5.4% in order to curb inflation's ascent. Falling energy prices in the Eurozone have helped a reduction in the HICP data consensus.

Daniel Rogers

2023-01-05

318

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The EUR/USD pair is seeking to break out of the consolidation range it formed above the round-level support of 1.0600 during the Asian session. Given the risk-on market sentiment, the major currency pair will likely maintain its positive trend.

In Asia, S&P500 futures are exhibiting a slight retracement; nonetheless, the overall risk profile remains robust in light of Wednesday's good gains. The US Dollar Index (DXY) is languishing below 104.00 and is likely to remain on tenterhooks as further easing of inflation expectations in the United States is anticipated to keep safe-haven assets in pain in the short run.

According to the minutes of the Federal Open Market Committee (FOMC), all Federal Reserve (Fed) policymakers preferred a slower rate of policy tightening. To abandon their hawkish stance on monetary policy, Fed members still require additional evidence of inflation moderation.

As reported by Reuters, the president of the Minneapolis Fed, Neel Kashkari, stated on Wednesday that the Fed must avoid decreasing the policy rate prematurely and igniting inflation again. In order to meet the inflation target of 2%, he stated that the interest rate should peak at roughly 5.4%, after which the policy should remain steady.

This week, investors will pay close attention to the second catalyst examined by the Fed when formulating monetary policy. Friday's Nonfarm Payrolls (NFP) are anticipated to be 200K, down from 263K in the previous report. In addition, investors will focus on the Average Hourly Earnings (Dec) data, which is anticipated to be 5% lower. Inasmuch as consumers will continue to have greater disposable income, a rise in wage costs may boost the Consumer Price Index (CPI).

Friday will see the release of the Eurozone's Harmonized Index of Consumer Prices (HICP), which investors are awaiting. According to the consensus, the headline HICP is anticipated to decline to 9.7% from 10.1% previously. As a result of dropping energy prices and the government's one-time payment of family energy bills, consensus has decreased. Certainly, this will captivate the European Central Bank (ECB) in the future.