EUR/USD Reverses Recent Gains as Greenback Gains Strength Ahead of Key Data Releases
After four consecutive daily advances, the EUR/USD has given up some ground at the end of the week. The German docket's disappointing results, combined with renewed buying interest in the greenback, have contributed to the reversal of the recent multi-session upside.
Despite this setback, the ECB's expected rate hikes in May are likely to lend support to the pair's upside momentum, especially as there is growing speculation that the Federal Reserve might decide to hold rates at its next gathering.
The weekly uptrend in EUR/USD has encountered a formidable barrier around the monthly highs near 1.0930 on Friday. In Germany's domestic calendar, Retail Sales contracted 7.1% in the year to February, while the March jobs report showed the Unemployment Change increased by 16K persons, and the Unemployment Rate ticked higher to 5.6%.
Later in the session, flash inflation figures in the euro area will take center stage ahead of ECB Chairwoman C. Lagarde's speech. Meanwhile, in the US, all eyes are on the PCE inflation measurement, Personal Income/Spending, and the final Michigan Consumer Sentiment.
After four consecutive daily advances, the EUR/USD has given up some ground at the end of the week. The German docket's disappointing results, combined with renewed buying interest in the greenback, have contributed to the reversal of the recent multi-session upside.
Despite this setback, the ECB's expected rate hikes in May are likely to lend support to the pair's upside momentum, especially as there is growing speculation that the Federal Reserve might decide to hold rates at its next gathering.
The weekly uptrend in EUR/USD has encountered a formidable barrier around the monthly highs near 1.0930 on Friday. In Germany's domestic calendar, Retail Sales contracted 7.1% in the year to February, while the March jobs report showed the Unemployment Change increased by 16K persons, and the Unemployment Rate ticked higher to 5.6%.
Later in the session, flash inflation figures in the euro area will take center stage ahead of ECB Chairwoman C. Lagarde's speech. Meanwhile, in the US, all eyes are on the PCE inflation measurement, Personal Income/Spending, and the final Michigan Consumer Sentiment.
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