EURUSD sees no barricades till 1.0400, focus shifts to Eurozone GDP data – by Sagar_Dua24 EURUSD Fed GDP RiskAppetite DollarIndex
decline in the US Consumer Price Index data, the asset has recorded two back-to-back long full-bodied bullish candles, which indicates the strength ofMarket mood is extremely bullish as S&P500 has reached to near 4,000 levels in no time. Investors believe that the current decline in the US inflation rate is meaningful for a slowdown in the pace of hiking interest rates by the Federal Reserve . Also, the expectations of a recession situation have trimmed dramatically.
The 10-year US Treasury yields have dropped to 3.8% as chances for a fifth consecutive 75 basis point rate hike have dropped to a mere 17%, as per the CME FedWatch tool. It is worth noting that the US bond market was closed on Friday on account of Veterans Day. Therefore, power-pack action is expected on Monday.
Apart from that, a marginal increment in US long-term inflation expectations has not made any major impact on the strength of the risk appetite theme. Last week, the University of Michigan reported that five-year consumer inflation expectations have improved to 3.0% from the prior release of 2.9%., investors will keep an eye on Eurozone’s growth numbers, which are seen on Tuesday. As per the consensus, the annual Gross Domestic Data is expected to remain stable at 2.1%.
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