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Market News The EUR/USD Remains Limited Below 1.1000; Attention Turns To German PPI Data

The EUR/USD Remains Limited Below 1.1000; Attention Turns To German PPI Data

The EUR/USD loses its recovery momentum around 1.0973 in the early Asian session on Wednesday. The Eurozone HICP for November was weaker than anticipated, coming in at -0.6% MoM versus -0.5% previously. Tuesday's US housing data revealed conflicting results. Audiences will be preoccupied with the German Producer Price Index (PPI) and Existing Home Sales in the United States.

TOP1 Markets Analyst

2023-12-20

7230

During Wednesday morning Asian trading hours, the EUR/USD pair maintains a modest degree of decline and is contained beneath the psychological 1.1000 level. The upside appears auspicious for the major due to the weakness of the US Dollar (USD). At present, EUR/USD is trading near 1.0973, a daily loss of 0.04%.

As a result of the decline in energy prices, Eurozone inflation for November fell short of market expectations, according to data released by Eurostat on Tuesday. The November reading of the Eurozone Harmonized Index of Consumer Prices (HICP) was -0.6% MoM, which was weaker than the previous reading of -0.5%. Annual inflation in the euro area was 2.4%, which was consistent with analyst forecasts. Excluding volatile food and energy costs, the Core HICP figures for the year indicated a decline of 3.6% year-over-year, the lowest reading since April 2022.

The European Central Bank (ECB) issued the following statement following its most recent monetary policy meeting: "No rate cuts were discussed." However, the ECB did issue a warning that inflation may rise once more in December as a result of colder weather, which drives up energy demand and prices. Consequently, this could impede the Euro's (EUR) ascent and function as an opposing force for the EUR/USD pair.

Conversely, Building Permits decreased from 1.498M in October to 1.46M in November, falling short of the market estimate of 1.47M. November Housing Starts increased to 1.56 million from 1.359 million in the previous reading, exceeding the consensus estimate of 1.36 million, the US Census Bureau reported on Tuesday.

Traders will concentrate on the German Producer Price Index (PPI) for November, the Current Account and Construction Output for the Eurozone in October, and Consumer Confidence for December later on Wednesday. The release of Existing Home Sales will occur on the US docket.