EUR/USD advances towards 1.0770 as USD Index struggles to find cushion ahead of US CPI – by Sagar_Dua24 EURUSD Fed GDP Inflation DollarIndex
S&P500 futures have witnessed a minor correction, portraying caution in fresh buying in an overall upbeat market mood.The EUR/USD pair
refreshed its day’s high around 1.0730 and is hovering around it continuously in the Tokyo session. The major currency pair is expected to continue its upside momentum as the US Dollar Index is struggling to place feet ahead of theConsumer Price Index data. The USD Index has shifted its business below 103.00 and is expected to continue its downside journey as investors have ignored inflation’s upside risks.
S&P500 futures have witnessed a minor correction in the Asian session, portraying a caution for fresh buying while the broader market mood is extremely solid. Fears associated with airborne threats-headlines to the United States have eased, which has trimmed the appeal for safe-haven assets. A decline in investors’ anxiety about US inflation has improved demand for US government bonds. This has led to a decline in the 10-year US Treasury yields to 3.70%.
The movement for the US Dollar highly banks upon January’s inflation report as higher-than-anticipated inflation could fade the downside risks.
Meanwhile, the quarterly European Commission report, depicts a decline in the inflation projections and higher anticipation for economic growth, citing labor market and consumer spending as resilient.
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