The Euro alternates gains with losses against the US Dollar. European stocks keep the mixed performance so far. ECB President Christine Lagarde speaks later in the session. The Euro (EUR) now trades in a vacillating fashion against the US Dollar (USD), motivating EUR/USD to fade the initial bull run to the 1.0860 zone and refocus on the mid-1.0800s on Thursday. The Greenback also navigates without clear direction around 104.
40 when tracked by the USD Index (DXY) amidst declining US yields across the board and firmer market chatter around the start of interest rate cuts by the Federal Reserve (Fed) at some point in the summer of 2024. Speculation about potential Fed rate cuts has been magnified following weaker-than-estimated inflation measures (CPI and PPI) published earlier in the week. There is no macro data in the domestic calendar, but ECB President Lagarde will speak at an event in Frankfurt. Across the ocean, weekly Initial Jobless Claims are due along with the Philly Fed Manufacturing Index, Industrial Production, and the NAHB Housing Market Inde