EUR/USD jostled on Monday, settling near 1.0720 after churning in a tight but lopsided range as markets settle in for the wait to Wednesday’s US Federal Reserve (Fed) outing.
German CPI inflation continues to rise, but below forecasts. Fed rate call, pan-EU GDP and HICP inflation in the mid-week. NFP Friday a key US datapoint this week. EUR/USD jostled on Monday, settling near 1.0720 after churning in a tight but lopsided range as markets settle in for the wait to Wednesday’s US Fed eral Reserve outing. Investors broadly expect US rates to hold steady this week, but traders will be looking for an uptick in Fed guidance for when rate cuts could be coming.
European Gross Domestic Product figures are also due during Tuesday’s European market session, forecast to grind higher to a scant 0.1% in the first quarter compared to the previous quarter’s flat 0.0%. The key headlines this week will be the Fed’s latest rate call on Wednesday, followed by Friday’s NFP labor data, which is expected to show a slight easing from the previous month’s 12-month peak of 303k. Friday’s US NFP is forecast to ease to 243k net additional job growth.
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