EUR/USD stays defensive above 1.1000 as Eurozone GDP, Fed’s favorite inflation loom – by anilpanchal7 EURUSD GDP Inflation Fed RiskAversion
e US data could be held responsible for Thursday’s volatility, the Euro pair’s latest inaction is logical ahead of the Eurozone Gross Domestic Product for the first quarter , as well as the US Core Personal Consumption Expenditure Price Index details for March. for the first quarter of 2023, also known as Advance readings, marked mixed outcomes. That said, the headline US GDP Annualized eased to 1.1% from 2.0% expected and 2.6% prior but the GDP Price Index inched higher to 4.
With this, a stronger-than-expected increase in the inflation component of the GDP renewed hawkish concerns about the Federal Reserve and helped the US Dollar to pick up bids after the release. However, the downbeat prints of headline GDP allowed markets to turn optimistic and favoredIt’s worth noting that the banking fallout risks also prod the Euro bulls previously while the mixed EU data defended the buyers.
Looking forward, the first readings of the Q1 GDP growth figures from the old continent will be crucial to watch ahead of the US Core PCE Price Index for March, the Fed’s preferred inflation gauge.
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