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Market News Below 1.0770, EUR/USD Adheres to Modest Losses as Investors Await Eurozone Inflation and US PMI Data

Below 1.0770, EUR/USD Adheres to Modest Losses as Investors Await Eurozone Inflation and US PMI Data

The EUR/USD pair trades weaker near 1.0765 despite the dollar's weakness. In June, futures traders anticipate the US Federal Reserve to initiate easing. In March, the German HICP increased 2.3% year-over-year, the lowest increase since June 2021.

TOP1 Markets Analyst
2024-04-03
8756

 EUR:USD 2.png

 

Mild losses persist for the EUR/USD pair near 1.0765, following a recovery from multi-week lows near 1.0720 on Wednesday. A decline in the US Dollar Index (DXY) below 105.00 offered the major pair some support. Nonetheless, the Euro is hampered by the milder German inflation data released on Tuesday, which has sparked rumors of potential interest rate reductions by the European Central Bank (ECB). For renewed motivation, investors await the advanced Eurozone inflation data for March and the US ISM Services PMI.

 

Many Federal Reserve (Fed) officials' dovish remarks have a negative impact on the US dollar. Loretta Mester, president of the Federal Reserve Bank of Cleveland, predicted rate decreases for the current year on Tuesday, but ruled out the May policy meeting. In the interim, Mary Daly, president of the Federal Reserve Bank of San Francisco, stated that three rate decreases in 2024 appear "reasonable," but she requires additional convincing evidence to support this. Futures traders predict that the United States Federal Reserve will begin alleviating at its June meeting and reduce interest rates by 7/4 percentage points by year's end.  

 

The German statistics office Destatis reported on Tuesday that inflation in March was the lowest in nearly three years, a marginal decline that was slightly more than anticipated. March saw a 0.6% MoM increase in the preliminary German Harmonized Index of Consumer Prices (HICP), which was marginally below the 0.7% MoM increase that was anticipated. The HICP increased 2.3% annually, which was lower than the market consensus of 2.4%. Inflation in Germany is approaching the 2% target set by the European Central Bank (ECB), which has bolstered market expectations for an imminent reduction in interest rates. Consequently, the Euro (EUR) experiences selling pressure, thereby generating a headwind for the EUR/USD pair.

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