The EUR/USD pair recovered some ground on Thursday after bottoming at 1.0487 on Wednesday, its lowest since December 2022. Financial markets are stil
On the one hand, increased price pressures forced central banks to maintain their hawkish perspective in their September meetings and delay the chances of rate cuts. On the other, resurgentprices hint at continued inflationary pressures throughout September, bolstering the odds for a global economic setback.
The dismal mood receded somehow, helping the Euro recover ground, yet optimism is nowhere to be found. The Joint Economic Forecasts prepared by five different economic institutes predict the German Gross Domestic Product will contract by 0.6% this year and grow by 1.3% in 2024. Meanwhile, inflation is expected to be 6.1% in 2023 and ease to 2.6% in 2024.
Ahead of Wall Street’s opening, Germany released the preliminary estimate of the September Harmonized Index of Consumer Prices , up 0.2% MoM and 4.6% YoY, below the market expectations. The Spaniard HICP printed at 3.2% YoY, below the 3.3% expected, although higher than the previous 2.4%. Finally, the Euro Zone published the September Economic Sentiment Indicator, which beat expectations by printing 93.3.was confirmed at 2.
The 4-hour chart shows EUR/USD is retreating from near a bearish 20 SMA, providing dynamic resistance at around 1.0560. At the same time, the Momentum indicator has turned flat well below its 100 level, while the RSI indicator heads higher at around 34, correcting extreme oversold conditions. Overall, the bullish potential seems well limited, while chances of lower lows increased after failure to extend the advance beyond the mentioned 20 SMA.
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