EURUSD fails on first test of 0.9800 after breaking out of wedge. German inflation data reaches double digits, ECB rate hike bets soar. US PCE data for August crosses the wires Friday.
still remains challenged fundamentally, the beaten down currency may be benefitting from significant month-end flows as traders round out a tumultuous quarter. Headlines continue to swirl surrounding the damage to the Nord Stream pipeline, as the sabotage theory continues to gain steam.The September reading was up from a 7.9% print in August, indicating the heartbeat of the European Union may remain some ways away from peak inflation.
While these data points are just preliminary readings, they will certainly be ringing alarm bells at the ECB. Following the release of the data, traders rushed to price in a higher terminal rate for the European Central Bank. These higher inflation prints may only benefit the Euro in the short-term, as focus will soon shift to the slowdown in growth across the continent as a result of restrictive monetary policy and war.
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EURUSD Lacks Direction as Major Support Continues to HoldEURUSD continues to chop, lacks direction above 0.9600. Rumors continue to swirl over Nordstream sabotage.
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EURUSD Lacks Direction as Major Support Continues to HoldEURUSD continues to chop, lacks direction above 0.9600. Rumors continue to swirl over Nordstream sabotage.
Weiterlesen »
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