The EUR/USD price is hovering near its lowest level since March 21st this year as more signs showed that the Federal Reserve could hike rates again in June.
GET STARTEDThe EUR/USD pair retreated after the US published better-than-estimated consumer confidence numbers. According to the Conference Board, consumer confidence dropped slightly to 102.3 in May from the previous month’s 103.7.
Further data showed that the housing sector was doing better than estimates. The report revealed that the house price index rose by 0.6% in from February to March. This increase translated to a year-on-year jump of 3.6%. The housing sector has been relatively resilient, helped by the country’s low inventories.
Therefore, with inflation being sticky and consumer confidence steady, there is a likelihood that the Fed will deliver another 0.25% rate hike in June. Looking at the economic calendar, there will be several important numbers to watch on Wednesday. Germany will publish May’s jobs and preliminary consumer inflation data. Christine Lagarde will talk and possibly provide more hints about what to expect in June. In the US, the Federal Reserve will publish its beige book.The EUR/USD pair drifted downwards after the better-than-expected US consumer confidence and housing data. It reached a low of 1.0670, the lowest point since March.
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