The Euro retreats modestly vs. the US Dollar. European stocks extend the weekly optimism on Wednesday. US Producer Prices, Retail Sales take centre stage. The Euro (EUR) loses some upside momentum against the US Dollar (USD), motivating EUR/USD to give away part of the recent strong gains and revisit the 1.0870 zone on Wednesday. On the flip side, the Greenback appears mildly bid in the low 104.
00s as investors continue to digest Tuesday’s below-consensus US inflation figures and the subsequent steep sell-off in the USD Index (DXY). The so-far lacklustre advance in the Greenback comes amidst the absence of direction in US yields across the curve, as cautiousness remains high in light of the upcoming release of further inflation measures, this time from Producer Prices, as well as Retail Sales for the month of October. The publication of weaker-than-expected US CPI reignited speculation of potential interest rate cuts by the Fed, most likely around the summer of 202
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Source: FXStreetNews - 🏆 14. / 72 Read more »