EUR/USD eases from multi-month high past 1.1200 as traders reconfirm Fed bias – by anilpanchal7 EURUSD Fed ECB RiskAversion Currencies
ssion. In doing so, the Euro pair takes clues from Friday’s US data and the weekend headlines about the US-China ties to consolidate the previous weekly gains amid the two-week official blackout period for the Federal Reserve policymakers ahead of late July’s monetary policy meeting.
Friday’s US consumer sentiment figures joined inflation expectations to challenge the previously released inflation data that raised concerns that the Federal Reserve is nearing the end of the hawkish cycle. The same joins the weekend headlines flashing mixed clues about the US-China ties, as well as technical details, to allow the EUR/USD to retreat from the multi-month high.
On Friday, the preliminary reading of the University of Michigan's Consumer Confidence Index rose to 72.6 from 64.4 in June, versus the market’s expectations of 65.5. Further details suggested that the one-year and 5-year consumer inflation expectations per the UoM survey edged higher to 3.4% and 3.1% in that order versus 3.3% and 3% respective priors. Before that, the US Consumer and Producer Price Index for June dropped to 3.0% and 0.1% on a yearly basis from 4.0% and 0.
Further, Reuters reports US Treasury Secretary Janet Yellen’s comments from a meeting of Group of 20 finance ministers and central bankers in India as she said, “I am eager to build on the groundwork that we laid in Beijing to mobilize further action." Her statements raised hopes of improving relations between the US and China.
On the other hand, the European Central Bank’s June policy meeting revealed on Thursday that minimum two successive rate hikes needed for inflation projections to materialize.
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