EUR/USD seesaws near 1.0600 with eyes on US GDP, Fed’s preferred inflation – by anilpanchal7 EURUSD RiskAppetite GDP Fed Inflation
Mixed comments from ECB officials, firmer US data teased bears the previous day.Final readings of US Q3 GDP, PCE details eyed for clear directions.makes rounds to 1.0600 during early Thursday, defending the weekly trading range of 90 pips, as traders await the US data for fresh impulse.
Upbeat prints of Germany’s GfK Consumer Confidence for January, to -37.8 versus -38.0 expected and -40.1 prior, failed to impress thepolicymakers as Bank of Portugal Governor Mario Centeno stated, “All data point to inflation reaching its peak in the euro area in the fourth quarter of 2022.” It should be noted that the German Finance Ministry’s recently upbeat forecasts seem to favor the EUR/USD buyers. “Germany's finance ministry expects activity in Europe's biggest economy to remain subdued during the fourth quarter of this year and first quarter of next and sees declining inflation rates during 2023,” it said in its monthly report per Reuters.
Elsewhere, the US Conference Board’s Consumer Confidence jumped to the eight-month high of 108.3 for December, compared to the market forecasts of 101.0 and the revised prior readings of 101.40. Talking about the risk catalysts, Ukrainian President Volodymyr Zelensky’s US visit and Russian President Vladimir Putin’s readiness to increase the country’s military potential challenges the market sentiment and the EUR/USD bulls of late. On the same line could be fears surrounding China’s economic growth.
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