EUR/USD grinds higher past 1.0600 ahead of Eurozone Retail Sales, focus on Fed Chair Powell, US NFP – by anilpanchal7 EURUSD ECB Fed Inflation RiskAppetite
ntral Bank and the Federal Reserve’s next move. It’s worth noting that a light calendar in Asia also tests the pair traders amid a sluggish start to the key week.
That said, hawkish ECB commentary gains support from the strong Eurozone inflation numbers. However, the US data fails to match its European counterpart and challenges the hawkish Federal Reserve concerns. European Central Bank Governing Council member Boštjan Vasle said in on Friday, “My personal expectation is that the increase we intend for our March meeting – that is 0.5 percentage points – will not be the last one.” On the same line, ECB Governing Council member Madis Muller said on Friday, “it is probably not the final hike in March.” However, ECB Vice President Luis de Guindos said, “Interest rate path after March will be data-dependent.
On the contrary, San Francisco Federal Reserve Bank President Mary Daly said during the weekend that if data on inflation and the labor market continues to come in hotter than expected, interest rates will need to go higher, and stay there longer, than Fed policymakers projected in December, as reported by Reuters.
Furthermore, US Federal Reserve published a semi-annual Monetary Policy Report on Friday wherein it clearly said, “Ongoing increases in the Fed funds rate target are necessary.” The report also stated that the Fed is strongly committed to getting inflation back to 2%.
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