EUR/USD inches lower to near 1.0820, focus on German Retail Sales, US GDP Annualized


  • EUR/USD extends its losing streak on dovish remarks from ECB officials.
  • US GDP Annualized is expected to be consistent at a 3.2% increase in Q4.
  • German Retail Sales (MoM) is anticipated to show a 0.3% rise, against the previous decline of 0.4%.

EUR/USD continues to lose ground for the third successive session on Thursday, inching lower to near 1.0820 during the Asian session. However, the US Dollar (USD) exhibits tepid momentum ahead of the Gross Domestic Product Annualized data from the United States (US) for the fourth quarter of 2023. Furthermore, traders will likely observe the Personal Consumption Expenditures for February.

The US Dollar Index (DXY) hovers around 104.30, correcting from March’s highs. US Treasury yields retrace losses registered in the previous two sessions, which could provide support for the US Dollar.

Market participants await fresh guidance from the Federal Reserve (Fed) regarding its interest rate trajectory. However, conflicting opinions among members of the Federal Open Market Committee (FOMC) regarding monetary policy easing are contributing to market confusion.

Federal Reserve Board Governor Christopher Waller maintains his stance of 'no rush' to cut rates, citing persistent inflation data. Atlanta Fed President Raphael Bostic echoes a similar sentiment, anticipating only one rate cut this year, warning against premature rate reductions that could exacerbate economic disruptions.

The Euro faces downward pressure as European Central Bank (ECB) officials are increasingly suggesting a probable interest rate cut in June. Yannis Stoumaras remarked on Tuesday that there is a mounting consensus within the ECB for a rate reduction in June, a sentiment echoed by Madis Muller, who hinted at the ECB nearing a point where rate cuts are feasible.

Thursday will bring German Retail Sales data for February. The data is expected to show a decrease of 0.8% year-over-year. While the monthly report could reveal an increase of 0.3%, swinging from a previous decline of 0.4%.

EUR/USD

Overview
Today last price 1.0823
Today Daily Change -0.0005
Today Daily Change % -0.05
Today daily open 1.0828
 
Trends
Daily SMA20 1.0877
Daily SMA50 1.0839
Daily SMA100 1.0874
Daily SMA200 1.0837
 
Levels
Previous Daily High 1.0839
Previous Daily Low 1.0811
Previous Weekly High 1.0942
Previous Weekly Low 1.0802
Previous Monthly High 1.0898
Previous Monthly Low 1.0695
Daily Fibonacci 38.2% 1.0822
Daily Fibonacci 61.8% 1.0828
Daily Pivot Point S1 1.0813
Daily Pivot Point S2 1.0798
Daily Pivot Point S3 1.0785
Daily Pivot Point R1 1.0841
Daily Pivot Point R2 1.0854
Daily Pivot Point R3 1.0869

 

 

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