EUR/USD regained 1.0600, extending its gains due to a soft US Dollar – by christianborjon EURUSD Majors Macroeconomics
deral Reserve would not hike rates beyond what money market futures expect. The EUR/USD exchanges hands at 1.0635 after hitting a daily low at 1.0588.US equities are set to finish the week with gains. The US, a measure of the buck’s value vs. a basket of peers, slides from a two-and-a-half-month high down to 104.526 after US data reaffirmed a solid economic status in the United States .
Business activity in the US improved, as shown by the US ISM Non-Manufacturing PMI for February was 55.1, a tick lower than the previous month’s 55.2, but exceeded expectations of 54.5, indicating that business activity is still strong. The prices index subcomponent, sought by investors for clues about inflation, jumped to 65.5, exceeding estimates of 64.5 but trailing Janiary’s data.
Meanwhile, Federal Reserve officials crossed newswires, with Fed Governor Michelle Bowman and Dallas Fed President Lorie Logan did not comment on monetary policy. The Boston Fed President Susan Collins commented that inflation remains too high and added that revealed S&P Global Services and Composite PMIs came above previous readings.
Even though figures were higher than expected, investors had already priced in a 50 bps rate hike by the European Central Bank as announced by its President
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