17 April 2024, EUR/USD
Event to pay attention to today:
12:00 GMT+3. EUR - Core CPI m/m
EURUSD:
The EUR/USD continued to decline near 1.0620 in the early Asian session on Wednesday. However, comments from Federal Reserve (Fed) officials and safe-haven flows could strengthen the US Dollar (USD) and limit EUR/USD's near-term gains. On Tuesday, Fed Chairman Jerome Powell said that the performance of the US economy has been quite strong. Mr. Powell also stated that the latest data indicated that there has been no significant progress on inflation this year. He further noted that it will take "longer than expected" to achieve confidence that inflation will fall to the 2% target. Mr. Powell's aggressive outlook provides some support for the US Dollar and drags EUR/USD lower.
In terms of the data, US housing starts in March declined by 14.7% to 1.32 million units, compared to the previous figure of 12.7% (revised from 10.7%). Building permits in the US decreased by 4.3% compared to an increase of 2.3% (revised from 1.9%) in February. Finally, industrial production increased by 0.4% in March compared to February's 0.4% growth, in line with market expectations.
There is growing speculation across the Atlantic that the European Central Bank (ECB) will begin cutting interest rates in June due to the Eurozone's weak economic outlook and declining underlying inflationary pressures. On Tuesday, ECB President Christine Lagarde stated that the central bank remains on course to cut interest rates in the near term, barring any major shocks. She also noted that the ECB will keep a close eye on oil prices amid rising tensions in the Middle East.
Trading recommendation: Trading mainly buy orders at the price level of 1.0665. We consider sell orders at the price level of 1.0610.
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