EUR/USD retreats from three-week high towards 1.0750 as Fed vs. ECB battle intensifies – by anilpanchal7 EURUSD ECB Fed Inflation InterestRate
Mostly downbeat German, EU data fails to lure bears as US inflation challenges Fed’s rate hike.
On Tuesday, final readings of Germany’s inflation for May, per the Harmonized Index of Consumer Prices , remain unchanged at 6.3% YoY. Further, the German ZEW Survey unveiled that the Economic Sentiment Index offered a positive surprise in June by rising to -8.5 from -10.7 prior, versus beating the market expectation of -13.0. Though, the Current Situation Index nosedived to -56.5 from -34.8 prior, versus analysts’ estimations of -40.0.
Against this backdrop, Wall Street benchmarks rose for the second consecutive day but the US Treasury bond yields remain firmer. That said, the US 10-year Treasury bond yields rose to a 13-day high of 3.83% whereas the two-year counterpart poked the highest levels in three months with 4.70% mark before easing to 4.67% in the last hours. It should be noted that the S&P500 Futures remain indecisive of late as it portrays the market’s cautious mood.
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