EUR/USD is facing barricades around 1.0440 as investors need a fresh trigger for a decisive move.Eurozone GDP numbers are seen stabled while the US Retail Sales could outperform.Investors should brace for two more 50 bps rate hikes by the Fed this year.
The EUR/USD pair is displaying back and forth moves in a tight range of 1.0428-1.0443 after a modest upside move from a low of 1.0354 last week. A minor improvement in the risk appetite of the market participants has supported the shared currency bulls. The risk-sensitive assets have rebounded gradually amid the value buying structure in the FX domain. Risky assets were beaten hard by investors on souring market mood for a tad higher time period.
Some signs of profit-booking in the US dollar index (DXY) amid fewer economic events this week have pushed the DXY to near 104.00. The DXY printed a fresh 19-year high of 105.00 last week o rising expectations of more than two jumbo rate hikes by the Federal Reserve (Fed) this year. Fed chair Jerome Powell in his interview with the Marketplace national radio program on Friday investors should brace for two more jumbo rate hikes consecutively in the next two policy meetings. Also, he emphasized bringing price stability as it is hurting the paychecks of the households.
In today’s session, investors will focus on the release of the US Retail Sales. The economic data is seen at 0.7% against the prior print of 0.5% on monthly basis. While the euro docket will report the Gross Domestic Product (GDP) numbers. The yearly and quarterly figures are expected to remain unchanged at 5% and 0.2% respectively.
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