EUR/USD holds below the 1.0800 mark ahead of German CPI data

EUR/USD edges lower to 1.0775 in Friday’s early Asian session.
Two US Fed officials said the central bank is on track to tackle inflation, but it’s still too early to start lowering rates.
ECB’s Lane said data suggest near-term disinflation is occurring faster than expected, but further progress is required to get to the 2% goal.
Investors will focus on the German Harmonized Index of Consumer Prices (HICP), due later on Friday.

Lallalit Srijandorn FXStreet

The EUR/USD pair trades on a weaker note during the early Asian session on Friday. The major pair remains capped within the weekly range in the 1.0770/80 band. The German inflation data will be the highlight on Friday. At press time, EUR/USD is trading at 1.0775, losing 0.02% on the day.

Two US Federal Reserve officials indicated on Wednesday that the central bank is on track to tackle inflation, but that it is still too early to start lowering interest rates. The markets pare their bet on rate cut expectations in the March meeting. According to the CME FedWatch Tool, futures traders have priced in over 65% that the Fed will have started lowering interest rates by the time of its following meeting in May.

The European Central Bank (ECB) Chief Economist, Philip Lane, stated on Thursday that data suggest near-term disinflation is occurring faster than expected, but further progress is required to get to the 2% goal. Meanwhile, ECB Governing Council member Pierre Wunsch said that there were some hopeful signs on wages, but not enough for the ECB to start rolling back restrictive policies. Wunsch added that he would prefer to wait for more data before cutting rates.

The ECB’s next meeting will take place on March 7. Market players expect the central bank to offer hints about the timeline for a rate cut. The dovish remarks might drag the Euro (EUR) lower and act as a headwind for the EUR/USD pair.

Moving on, market players will keep an eye on the German Consumer Price Index (CPI) for January and German Buba President Nagel's speech. Traders will take cues from the data and find trading opportunities around the EUR/USD pair.

EUR/USD

Overview
Today last price	1.0773
Today Daily Change	-0.0005
Today Daily Change %	-0.05
Today daily open	1.0778

Trends
Daily SMA20	1.0846
Daily SMA50	1.0896
Daily SMA100	1.0786
Daily SMA200	1.0834

Levels
Previous Daily High	1.0789
Previous Daily Low	1.0742
Previous Weekly High	1.0898
Previous Weekly Low	1.078
Previous Monthly High	1.1046
Previous Monthly Low	1.0795
Daily Fibonacci 38.2%	1.0771
Daily Fibonacci 61.8%	1.076
Daily Pivot Point S1	1.075
Daily Pivot Point S2	1.0722
Daily Pivot Point S3	1.0703
Daily Pivot Point R1	1.0797
Daily Pivot Point R2	1.0817
Daily Pivot Point R3	1.0844

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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