The EUR/USD price was flat on Thursday as attempts to bounce back faltered.
price was flat on Thursday as attempts to bounce back faltered. The pair was reacting to the relatively stable US bank earnings, Federal Reserve’s Beige Book, and European consumer inflation data. It was trading at 1.0953, which was a few pips above its lowest level this year.One of the biggest themes in the market this week was the ongoing bank earnings.
Financial results have been relatively stable. For example, Western Alliance Bancorp, which was seen as highly vulnerable said that deposits were starting to rise after dipping initially. It has regained $3 billion in deposits recently, recouping about 40% of funds that it lost after SVB’s collapse. Economic data from Europe were in line with estimates. The headline inflation dropped to 6.9% while core inflation rose to 5.7%. And in a statement after the CPI data, Philip Lane, ECB’s economist, said that the bank will hike by 0.25% in May in its battle against inflation.
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