EUR/USD Weekly Forecast: US inflation and ECB’s decision coming up next

📆 4/5/2024 10:30 AM

EURUSD News

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📆 4/5/2024 10:30 AM
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The US Dollar strengthened at the beginning of the week but could not maintain its momentum and turned lower, helping EUR/USD recover from an over one-month low of 1.0724.

United States' upbeat employment-related data put investors between a rock and a hard place. Eurozone inflation eased further in March, clearing the path for an ECB rate cut in June. EUR/USD is technically bearish despite the latest bounce, 1.0694 at sight. The rally was a result of broad US Dollar weakness caused by diminishing odds of a rate cut in the United States.

3% YoY in March, according to preliminary estimates, while the EU informed the annual HICP at 2.4% in the same period. The readings eased from March ones and were below the market expectations, backing the case of interest-rate cuts in Europe. US inflation and the European Central Bank The macroeconomic calendar will feature the US March Consumer Price Index next week. The country will also publish the Producer Price Index , which will complete the inflationary picture for March.

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