EUR/USD turns negative below 1.0700 on USD recovery – by pabspiovano EURUSD Currencies Majors
Fed’s L.Mester stressed inflation risks remain on the upside.Another data-led rebound in the greenback putsEUR/USD now extends the selling pressure seen in the previous session in response to another bullish attempt in the greenback, this time following results from the US docket and hawkish remarks from Fed’s L.Mester .
On the not-so-bright side, Building Permits expanded at a monthly 0.1% in January - or 1.339M units - Housing Starts shrank 4.5% MoM - or 1.309M units - and the PhillyEarlier in the session, ECB’s F.Panetta suggested inflation in the region could drop below the 3% at some point towards the end of the year, while he also warned against risks of over-tightening .
Despite the recent rebound to the 1.0800 region, EUR/USD remains within the multi-day consolidative phase and decently supported near 1.0650 for the time being. Back to the euro area, recession concerns now appear to have dwindled, which at the same time remain an important driver sustaining the ongoing recovery in the single currency as well as the hawkish narrative from the ECB.: Continuation of the ECB hiking cycle amidst dwindling bets for a recession in the region and still elevated inflation. Impact of the Russia-Ukraine war on the growth prospects and inflationSo far, the pair is retreating 0.13% at 1.0672 and a drop below 1.0655 would target 1.
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