The Euro is under further pressure against the US dollar- in today’s trading session and even a strong round of data was not enough to boost the European currency and according to some analysts, there may be worse still to come.
Retail sales figures from the Eurozone hit the market earlier today at 5 percent against analysts’ expectations for a number of 4.8 percent which should have been enough to give the Euro a slight boost.
But it just went to show that market participants are mainly focused at the moment on the war between Ukraine and Russia and the damage this may do to the European economy as well as dragging the Euro down further.
“We do not expect the ECB to deliver a hawkish enough statement to offset the unsupportive external environment and valuation of the euro.”
“A sustained recovery in EUR/USD is not on the cards in the current environment, and we expect the pair to trade in the 1.05-1.10 range into the summer months.” Said analysts from ING.
Economic news just released during the US session showed that the initial jobless claims figure from the US coming in at 166k which was well below the market consensus for a figure of 200k and shows the US jobs market is powering ahead.
This was just another round of bad news for the Euro as it will put more pressure on the US Federal reserve to be more aggressive with their interest rate hikes and increase expectations that there will be a move higher next month of 50 basis points which will make the yield between the Euro and the greenback even wider.
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