Euro is technically bullish and could keep rallying once above 1.1150 EUR EURUSD $EUR $EURUSD
he day, as the American currency retreated alongside US government bond yields, following a hawkish US Federal Reserve announcement on Wednesday. The 10-year Treasury note currently yields 2.19%, down from post-Fed’s peak at 2.24%.
Meanwhile, global equities traded mixed. Most European indexes closed in the red, while Wall Street opened with a soft tone but managed to recover and turn green mid-US afternoon. The main driver is the undergoing Russian invasion of neighbor Ukraine and the lack of progress towards a diplomatic solution. The latest on the matter came from the US, as Secretary of State Antony Blinken said that Russia might be contemplating a chemical-weapons attack, helping the greenback to recover some ground.
On the data front, the EU published the February Consumer Price Index, which printed at 5.9% YoY, above the preliminary estimate of 5.8%. The US published Initial Jobless Claims for the week ended March 11, which decreased to 214K, better than anticipated. February Building Permits were down 1.9%, while Housing Starts in the same period increased by 6.8%. Finally, February Industrial Production was up 0.5%, while Capacity Utilization increased to 77.6%.
Friday will be soft in terms of macroeconomic releases, as the EU will release the January Trade Balance while the US will publish February Existing Home Sales.accelerated its advance into the London fix, breaking through 1.1070, the 38.2% retracement of the latest daily slump, now an immediate support level. The next Fibonacci resistance comes at 1.1150, the 50% retracement of the aforementioned slide.
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