EUR/USD grinds near one-year high near 1.1050, US Retail Sales, Michigan CSI eyed – by anilpanchal7 EURUSD ECB Fed RiskAppetite Inflation
Downbeat US PPI bolstered hopes of Fed’s policy pivot and drowned US Dollar.Bulls are likely to keep the reins even if US consumer-centric data offers positive surprise.rose to the highest level since March 2022 during a three-day winning streak to 1.1067, before bulls caught a breather around 1.1050, making rounds to the same amid early Friday morning in Asia. The Euro pair rallied heavily as the downbeat US inflation clues joined a technical breakout of the February month high.
On the other hand, Reuters cited five sources with direct knowledge of the discussion on Thursday to say thatpolicymakers are converging on a 25 basis points interest rate hike in May.
On the other hand, the odds of the Federal Reserve’s policy pivot gained momentum as consecutive easing in the inflation clues and a unimpressive Fed Minutes allowed the hawks to retreat. Even so, the CME’s FedWatch Tool signals 68% chance of a 0.25% rate hike in March versus 71% marked the previous day.Index dropped to the lowest levels since February.
Moving on, a light calendar ahead of the North American trading session may restrict the EUR/USD moves at the multi-day high. However, the underlying bullish trend is likely to remain intact considering the divergence between the ECB and theA daily closing beyond February 2023 high of around 1.1035 enables EUR/USD bulls to aim for March 2022 peak surrounding 1.1185.
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