EUR/USD extended its weekly rebound on Wednesday, clinching its third consecutive daily advance and consolidating the breakout of the key 1.0800 barrier.
EUR/USD added to the weekly recovery and flirted with 1.0870. The US Dollar weakened despite firm ADP and resilient GDP data. Germany’s flash Inflation Rate is seen ticking higher in October. In addition, the pair’s uptick flirted with the critical 200-day SMA near 1.0870. On the flip side, the US Dollar’s rally showed signs of slowing, with the US Dollar Index retreating for the third day in a row and retesting multi-day lows in the sub-104.00 region.
This view differs from that of some policymakers in southern eurozone countries who are concerned that inflation could fall too low, possibly warranting cuts below the neutral rate. She also defended a cautious approach to monetary policy, arguing against aggressive rate cuts. Schnabel maintained that inflation is unlikely to fall below the ECB’s 2% target, supporting the case for gradual rate reductions.
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