EUR/USD floats above 1.0600 ahead of Federal Reserve monetary policy meeting – by anilpanchal7 EURUSD SEO Fed InterestRate Inflation
EUR/USD seesaws around a six-month high after posting the biggest daily gains in two weeks.
Traders notched down hawkish Federal Reserve bets after United States inflation data, 50 bps rate hike is given.Fed’s hints for future rate hikes will be crucial for EUR/USD traders. EUR/USD portrays the typical pre-Fed consolidation as it makes rounds to 1.0630-20 ahead of the key Federal Open Market Committee monetary policy meeting on Wednesday. In doing so, the Euro stays sidelined near the highest levels in six months, backed by dovish hopes from the US Federal Reserve , as well as due to recently firmer statistics from Euro Area.
“Fed funds futures prices implied a better-than-even chance that the Fed will follow its expected half-point interest-rate hike this week with a smaller 25-basis-point rate hike in February, ultimately raising rates no higher than the 4.5%-4.75% range in its battle to beat inflation,” said Reuters. The news also added that traders were betting on a second half-point hike in February before the inflation report. to a six-month low and allowed Wall Street to close in the positive territory.
The German ZEW survey data showed that the Economic Sentiment Index rose to -23.3 in December from -36.7 prior and the market expectation of -26.4. Furthermore, the Current Situation Index rose to -61.4 from -64.5 but fell short of the market expectation of -57. It should be noted that the ZEW Economic Sentiment Index for the Eurozone rose to -23.6 from -38.7.
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