EUR/USD retreats to 0.9700 as traders await ECB’s Lagarde, Fed Minutes – by anilpanchal7 EURUSD ECB Fed RiskAppetite Recession
revious day. In doing so, the major currency pair helps to term Tuesday’s corrective move as consolidation ahead of today’s key events, namely the Federal Open Market Committee Meeting Minutes and European Central Bank President Christine Lagarde’s speech.
The quote’s latest weakness could be attributed to the hawkish comments from US Federal Reserve Cleveland President Loretta Mester as she mentioned that the Federal Reserve needs to hikeOn the same line could be the International Monetary Fund’s latest projections. That said, the IMF lowered the global economic growth forecast for 2023 to 2.7% from 2.9% estimated in July while citing pressures from high energy and food cost, rate hikes as the key catalysts for the move.
It should be noted that the hawkish comments from the ECB policymakers and a pullback in the US Treasury yields, after refreshing the multi-day high, appeared to have helped the EUR/USD buyers the previous day. European Central Bank Chief Economist Philip Lane said on Tuesday that the evidence suggests that the euro area is not experiencing a broad-based de-anchoring of medium-term inflation expectations. On the same line was the member and Bank of France's head Francois Villeroy de Galhau who said they should reach a neutral rate of close to 2% by the end year.
While portraying the mood, the Wall Street benchmarks closed mixed after a volatile day while the US 10-year Treasury yields ended Tuesday with mild gains around the multi-month high marked the previous day. At the latest, the S&P 500 Futures print mild gains around a one-week low whereas the US Treasury yields remain mostly unchanged.Minutes than the speech from ECB’s Lagarde as the bloc is almost doomed while the US central bank has many ways to entertain the pair bears.
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