EUR/USD CYCLING 1.05, EU RETAIL SALES & US ADP EMPLOYMENT CHANGE BOTH MISS THE MARK
The EUR/USD reached a daily high of 1.0532 before slipping back to 1.0500.
EU & US data both came in a mixed bag for Wednesday.
US NFP still looms ahead on Friday.
The EUR/USD clipped into a fresh daily high of 1.0532 on Wednesday after catching a bounce out of Tuesday's flat range, but Euro (EUR) upside remains limited after economic data for the EU came in mixed with consumer figures missing the mark.
The European Producer Price Index (PPI) for the annualized period into August improved over the forecast -11.6%, albeit slightly, printing at -11.5% against the previous printing of -7.6%.
European Retail Sales for the same period likewise slipped lower, accelerating to the downside to print at -2.1% against the forecast -1.2%. Annualized European Retail Sales last came in at -1% , signaling an ongoing deterioration in the European economy.
Eurozone Retail Sales fall 2.1% YoY in August vs. -1.2% expected
Officials from the European Central Bank (ECB) hit the newswires on Wednesday, with ECB Vice President Luis de Guindos and Governing Council member Mario Centeno noting that economic activity is likely to remain subdued looking forward. The ECB officials also noted that inflation is declining at a rapid pace throughout the EU, and the rate hike cycle appears to be at the top
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.