EUR/USD: June still on for first rate cut, TD Securities says
June has firmed as the month for liftoff for economists at TD Securities, despite Tuesday’s hot inflation data, as the economists see services inflation continuing to “normalize”, according to a recent note.
"We don't think today's report meaningfully changes the Fed's inclination to first ease by the June FOMC meeting,” they said after the February CPI release.
“In our view, services inflation should resume a clear path toward normalization over the next few months as the tougher seasonal part of the year is already behind us ," they added.
Ultimately they see the US Dollar weakening in Q2 and Q3, which is likely to provide a positive push for EUR/USD unless the Euro (EUR) suffers equally.
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