EUR/USD set to take 1.1000 amid US default woes and hawkish ECB bets, Eurozone CPI eyed – by anilpanchal7 EURUSD ECB Fed FiscalPolicy Inflation
That said, US Treasury Department renewed fears of US default by pulling forward the date of running out of funds to match obligations if the current debt ceiling isn’t altered, to June 01 from previously signaled July. Following that, Reuters came out with the news suggesting the US Senate Majority Leader Chuck Schumer’s push for an expedited process to consider a clean two-year suspension of the federal debt ceiling.
Elsewhere, a relief from the US First Republic Bank issue allowed traders to take a breather as the US regulators seized assets of the First Republic Bank and sold them to a new buyer, namely JP Morgan. On the other hand, the latest statements from China Beige Book suggesting that new data offer the first evidence of a truly robust 2023 recovery in the dragon nation, per analysts from CBB, seem to favor the EUR/USD optimists. However, Axios came out with headlines suggesting the US allies’ preparations for the US-China war over Taiwan, which in turn keeps the Euro bears hopeful, via the US Dollar’s haven demand.
It’s worth observing that Friday’s upbeat US inflation clues via Core PCE Price Index join Monday’s mostly firmer US PMI data to underpin hawkish bias about the Federal Reserve and weigh on the sentiment. On the same line are the US inflation expectations, as per the 10-year and 5-year breakeven inflationAgainst this backdrop, S&P 500 Futures print mild losses after retreating from a three-month high, down 0.10% intraday near 4,182 by the press time.
Looking ahead, German Retail Sales for March and the ECB Bank Landing Survey may entertain EUR/USD pair traders ahead of the first readings of the Eurozone’s key inflation gauge for April, namely Harmonized Index of Consumer Prices . Given the likely unchanged figures, any negative surprise won’t hesitate to recall the EUR/USD bears amid hawkish Fed bets. In that case, today’s US Factory Orders for March, expected to rise by 0.8% MoM versus -0.
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