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Market News EUR/USD Extends Its Two-Day Decline and Falls to 1.0800

EUR/USD Extends Its Two-Day Decline and Falls to 1.0800

Overall, the Euro falls 1.3% as the broad market retreats towards the USD. Positive German data was unable to sustain the Euro. GDP and PCE inflation will be significant data releases the following week.

TOP1 Markets Analyst

2024-03-25

8995

The EUR/USD pair lost additional ground on Friday, as investors disregarded better-than-anticipated German economic data in favor of universally strengthening the US Dollar. Indicators of sentiment among the middle class in Germany all outperformed expectations due to an improvement in investor, consumer, and business sentiment. Nonetheless, moderate to weak economic data from Europe continues to be a significant obstacle for excessively optimistic sentiment.

Jerome Powell, chairman of the Federal Reserve (Fed), delivered a speech at the Fed Listens event in Washington, DC. Nonetheless, the chief of the Federal Reserve avoided discussing monetary policy matters, leaving rate-cutting investors with little new information to ponder over the weekend.

The focus of the market will be on US Gross Domestic Product (GDP) data released on Thursday of next week and the Personal Consumption Expenditure (PCE) Price Index on Friday. In anticipation of imminent Fed rate cuts, market participants will be anticipating a further deceleration in US growth. The preferred inflation metric of the Federal Reserve, the Core MoM PCE Price Index, is anticipated to decrease from 0.4% to 0.3%.