Forex news eur/usd today reportedly plunged to a five-week low as traders await more confirmation of the latest bearish catalyst. Adding strength to the recovery move could see the recent consolidation in market sentiment after comments from the US General. However, dovish comments from ECB officials contrasted with more optimistic statements from Fed policymakers to keep traders of the currency pair hopeful ahead of key inflation data from the US and Eurozone. Forex news information eur/usd today we quote from the site from fxstreet.com. The decline in the Euro currency is related to the US General who rejected market fears of Chinese spies in America. The possible rush to safe havens and said that the US has no reason to think about China's latest object.

forex news eur/usd today

 

 


However, the fact that the US shot down four targets while China is preparing to strike one keeps the issue in the geopolitical tussle, weighing on sentiment. Earlier in the day, Italian Governing Council member Ignazio Visco said that the ECB should avoid pushing interest rates too high, given the level of private and public debt in the euro area. The same joined recent downbeat comments from ECB policymakers and fears of a recession in the bloc that weighed on EUR/USD. On the other hand, Philadelphia Fed President Patrick Harker dismissed talk of a Fed rate cut in 2023. However, the policymaker said that the Fed is unlikely to cut rates this year, but may cut them next year in 2024 if inflation shows signs of easing. Patrick Harker’s comments were in line with comments by Jerome Owen and Richmond Thomas Barkin who had previously refrained from supporting the upbeat US jobs report. Earlier, most officials such as Fed Governors, including Joe Biden and Treasury Secretary Janet Yellen, had dismissed concerns about a US recession and appeared to be rooting for the Fed. So the dilemma among Fed policymakers has made this week’s US inflation data all the more important. On Friday, US inflation expectations per FRED’s 10-year and 5-year breakeven inflation rates firmed around the monthly highs recorded last week. Further, the University of Michigan’s (UoM) preliminary reading of US consumer sentiment in February rose to 66.4 compared to the previous reading of 65.0, which was expected from the previous reading of 64.9. UoM also noted that inflation for the year rebounded to 4.2% percentage point this month, up from 3.9% in January and 4.4% in December. Amidst these plays, the S&P 500 faded the previous day’s corrective bounce from a one-week low. It fell around 0.50% to around 4,080, while the 10-year US Treasury yield hovered near 3.73% after briefly refreshing a five-week high the previous day. This resulted in the US dollar still strengthening due to the emergence of the haven phase. However, the apparent cautious mood in the US CPI for January and the preliminary reading of the Eurozone Q4 GDP to be published on Tuesday seem to suggest a downside for the EUR/USD currency pair.


Technical Analysis


EUR/USD needs a clear downside break of the ascending support line from November 30, 2022, around 1.0660, to convince sellers.


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