EUR/USD losses traction despite hawkish remarks from ECB officials – by christianborjon EURUSD Currencies Majors
by 25 bps, though divergence would likely favor the latter. Hence, the EUR/USD is trading at 1.1017, with losses of 0.05%.US equities continued to trade mixed. The EUR/USD pair is clinging to its earlier gains, despite data from the, namely Germany, showing that Industrial Production plunged in March to -3.4%, below the -1.3% contraction expected by the consensus. That, alongside the last week, Germany’s Industrial Orders plummeting 10.7% MoM, has raised recessionary fears amongst the EU.
In the meantime, some ECB officials embarked on hawkish remarks, with Dutch Central Bank President Klaas Knot saying that rate hikes are starting to have an effect, but more are needed to curb inflation. Of late, the ECB’s Chief Economist, Philip Lane, commented that inflation will come down, but momentum is still high.
On the US front, the debt ceiling narrative has taken center stage. According to Janet Yellen, the US Treasury Secretary, there are no favorable alternatives to resolve the debt limit issue in Washington without assistance from the US Congress. In the meantime, US President Joe Biden is expected to meet lawmakers on May 9 to advance in negotiations regarding raising the ceiling.revealed that Wholesale Inventories were unchanged in March, below estimates of 0.
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