EUR/USD fades Thursday’s decent advance and trades with modest losses at the end of the week against the backdrop of the persistent consolidative mood in the global markets, as catalysts for the price action remain absent.
in the meantime, the hawkish narrative from ECB’s rate setters continue to point to further tightening in May and probably June and July, as inflation – mainly de Core CPI – remains stubbornly elevated.
Still around the ECB, Board member Visco called for some prudence when it comes to price in further interest rate increases, while his colleague De Guindos showed some confidence in that core prices will eventually lose traction, at the time when he reiterated that future decisions on the interest rate will remain data dependent.
In the domestic calendar, advanced Manufacturing PMIs in Germany and the euro area are expected to drop to 44 and 45.5, respectively, in April. On the opposite side, flash Services PMIs are seen improving to 55.7 and 56.6, respectively.
Across the ocean, advanced Manufacturing and Services PMIs are also due along with the speech by FOMC’s L. Cook.
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