The EUR/USD pair extended its decline to fresh multi-month lows on Wednesday, as a prevalent dismal mood kept fueling US Dollar demand. The pair bott
In the absence of relevant news, investors maintain the focus on the latest central banks’ announcements, which pointed to higher rates for longer as price pressures are still above acceptable levels. Furthermore, most major economies reported an uptick in inflationary levels in August, bringing back concerns about potential recessions.
Market participants await European and American inflation updates to be released in the upcoming days. Germany will release the preliminary estimate of the September Harmonized Index of Consumer Prices on Thursday, foreseen at 4.6% YoY from 6.4% in the previous month. At the same time, the will publish the final estimate of its Q2 Gross Domestic Product , expected to confirm the economy grew 2.1% in the three months to June.
On Friday, it will be the turn for the Euro Zone to release the preliminary estimate of the September HICP, while the US will publish the August Personal Consumption Expenditures - Price Index, with the core annual reading expected at 3.9%, declining from the 4.2% previous. Meanwhile, stock markets maintain their bearish bias, extending their weekly slides. US government bond yields eased from their recent multi-year peaks, with the 10-year Treasury note currently offering 4.53%.
Data-wise, Germany published the October Gfk Consumer Confidence Survey, which resulted in -26.5, worsening from the previous -25.6. The EU reported that the M3 Money Supply plunged to -1.3% YoY in August, worse than anticipated. The US published August Durable Goods Orders, which rose 0.2% MoM, better than the 0.5% decline expected.The US Dollar retains its strength post-release, heading into Wall Street’s opening with a firm tone.
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