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Market News The EUR/USD Maintains Its Position above 1.0800 in Advance of Eurozone GDP, Per US CPI Data

The EUR/USD Maintains Its Position above 1.0800 in Advance of Eurozone GDP, Per US CPI Data

On Wednesday, EUR/USD gains momentum at 1.0815. Schmid of the Federal Reserve stated that inflation remains excessively high and that the central bank of the United States has further to do. The May reading of the Eurozone ZEW Economic Sentiment Survey rose to 47.0, exceeding expectations, from 43.9 previously.

TOP1 Markets Analyst

2024-05-15

6982

During the early hours of trading in Asia on Wednesday, the EUR/USD pair exhibits a bullish inclination near 1.0815. The markets may adopt a cautious stance later in the day in anticipation of crucial economic data from the United States and the Eurozone. The highlights of Wednesday will be the initial reading of the Eurozone Gross Domestic Product (GDP) for the first quarter and the US Consumer Price Index (CPI) for April.

Chairman of the Federal Reserve (Fed) Jerome Powell stated on Tuesday that inflation is declining at a slower rate than anticipated, and the PPI data provided additional support for maintaining above-target interest rates. Powell further expressed his skepticism regarding the necessity for the central bank to increase interest rates, despite the diminishing likelihood of rate reductions. In addition, Jeffrey Schmid, president of the Federal Reserve Bank of Kansas City, stated that inflation remains excessively high and that the central bank of the United States has further to do. In the near future, these hawkish remarks could strengthen the US Dollar (USD) and place pressure on the major pair.

Nevertheless, the release of the US CPI data later today could potentially impact the Fed's interest rate determination at its upcoming meeting. In April, the annual headline CPI inflation is anticipated to decline from 3.5% in the previous reading to 3.4%. It is anticipated that Core CPI inflation will decline from 3.8% in March to 3.6% in April. Should the upcoming CPI data align with expectations, it might give rise to the possibility of implementing interest rate reductions. This could subsequently cause the dollar to decline and provide a tailwind for EUR/USD.

Conversely, the optimistic ZEW Economic Sentiment Survey has offered a temporary boost to the major pair. In May, the Eurozone ZEW Economic Sentiment Survey increased from 43.9 the previous month to 47.0, exceeding expectations of 46.1. The focus will transition to the GDP growth figures for Europe in the first quarter, which are projected to increase by 0.3% quarter-over-quarter, with the annualized GDP growth remaining unchanged at 0.4% year-over-year.