EUR/USD pulled back sharply on Wednesday, falling back to the 1.0800 handle after broad risk appetite evaporated.
EUR/USD backslid into 1.0800 on Wednesday as risk appetite withers. German inflation figures mixed in May, vexing ECB rate cut hopes. US GDP growth, PCE inflation data key print this week. The pair is trading firmly into technical resistance as investors gear up for a batch of mid-tier European economic indicators on Thursday, followed by an update to US quarterly Gross Domestic Product growth.
The trading week will close off with German Retail Sales on Friday, which are expected to contract -0.1% MoM in May. Pan-European Core Harmonized Index of Consumer Prices for the year ended in May is forecast to tick upwards to 2.8% from 2.7%. US inflation data will close out the trading week, with US Core Personal Consumption Expenditures Price Index inflation expected to hold flat at 0.3% MoM in April.
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