EUR/USD bears flirt with 1.0600 with eyes on Fed’s preferred inflation gauge – by anilpanchal7 EURUSD RiskAppetite ECB Fed Inflation
ECB hawks appear stronger than those from Fed but sour sentiment, year-end consolidation test upside moves.US Durable Goods Orders, Core PCE Price Index eyed for clear directions.
stays indecisive around 1.0600, depressed near 1.0585 by the press time, as bears struggle to retake control after a two-day downtrend but the ECB hawks defend buyers.appeared more hawkish than the Fed. Also likely to have favored the pair buyers could be the softer US data. However, recently cautious sentiment and comments suggesting higher Fed rates, from the Fed officials, challenge the quote ahead of the key US data. of Cleveland and New York recently challenged the EUR/USD pair buyers.
ECB’s President Christine Lagarde’s clear signals for more rate hikes, by saying,"Obvious that we should expect 50 bps hikes for period of time," seemed to have propelled the Euro pair in the last week the most. This contrasts with the hawkish expectations from the Fed as the US central bank also tried to defend the higher rates despite failing to convince the markets.
That said, the softer prints of the US PMIs contrast with the firmer EU data to also underpin the EUR/USD run-up. On Friday, the US S&P Global Manufacturing PMI dropped to 46.2 from 47.7 in November, as well as the market expectation of 47.7. Further, S&P Global Services PMI declined to 44.4 in December's flash estimate from 46.2 in November and market expectation of 46.8.Manufacturing PMI from S&P Global arrived at 47.8 in December versus. 47.1 expectations and 47.
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