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Market News EUR/USD Remains Below 1.0700 As Investors Await Data On US CPI And Eurozone GDP

EUR/USD Remains Below 1.0700 As Investors Await Data On US CPI And Eurozone GDP

The EUR/USD pairs experience a second consecutive day of traction. Fed Chair Powell stated that the central bank will not hesitate to further tighten policy if it becomes necessary. Later on Monday, the European Commission is anticipated to unveil its economic growth forecasts, which may include declines in growth projections for 2024. This week, attention will be directed towards the Eurozone Gross Domestic Products and the US Consumer Price Index (CPI).

TOP1 Markets Analyst
2023-11-13
10499

 EUR:USD 2.png

 

The EUR/USD pair begins the week on a positive note during Monday's early Asian trading hours. The sentiment of consolidation exhibited by the US Dollar (USD) provides support for the pair's recovery. The pair recovers from its low of 1.0656 from the previous week and remains confined below the 1.0700 barrier. Presently, the primary pair is trading near 1.0690, an increase of 0.04% on the day.

 

In November, the University of Michigan Consumer Sentiment Index fell from 63.8 in October to 60.4. Twelve-month inflation expectations in the United States increased from 4.2% to 4.4%, while five-year expectations soared from 3.0% to 3.2%. The pivotal occasion will be the release of the CPI report for October. A further increase in interest rates by the Federal Reserve in December could be a distinct possibility if the actual reading for the report surpasses the projected value. Chair of the Federal Reserve (Fed) Jerome Powell stated last week that the central bank will not hesitate to further tighten policy if the situation warrants it.

 

However, later on Monday, the European Commission is scheduled to unveil its Economic Growth Forecasts, which are anticipated to feature downward revisions to growth in 2024. On schedule will be the interim Gross Domestic Product (GDP) for the third quarter (Q3) of the Eurozone. The projected quarterly figures indicate a decrease of 0.1%, while the annual figure is expected to increase by 0.1%. Aside from this, it is probable that a number of ECB presenters, including Lagarde, De Guindos, Lane, and Villeroy, will reaffirm that it is premature to discuss rate cuts.

 

Last week, the International Monetary Fund predicted that rapid wage growth in the eurozone could sustain elevated inflation, and to alleviate pricing pressures, the European Central Bank should maintain interest rates at or near all-time highs through next year. Nonetheless, a rate cut is anticipated by the market, possibly as early as April, with 90 basis points (bps) of reductions priced in by the end of the following year.

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