The US Dollar strengthened ahead of the FOMC meeting and US employment data. Inflation and growth in the Eurozone were lower than expected. The EUR/USD reversed once again near the 55-day SMA. Inflation and growth data from the Euro came below expectations. Data from the Eurozone showed that inflation further slowed in October, with the annual rate falling to 2.9% from 4.8% and below the market consensus of 3%. The core inflation rate dropped to 4.2%, in line with expectations.
The Fed is expected to keep interest rates unchanged, and it could be a minor event. However, with all the focus on Chair Powell and company, volatility seems warranted. The US Dollar continues to be supported by US fundamentals, which may not be enough to trigger a fresh rally but are keeping corrections limited. The improvement in market sentiment has helped the Euro, keeping the EUR/USD pair far from recent lows.
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Source: FXStreetNews - 🏆 14. / 72 Read more »