EUR/USD slides to 1.0850 as German/US data intensifies ECB vs. Fed battle – by anilpanchal7 EURUSD RiskAppetite ECB Fed Currencies
fourth-quarter Gross Domestic Product grew 0.1% QoQ versus 0.0% expected and 0.3% prior. The YoY prints also painted a rosy picture of the bloc as it rose past 1.8% market consensus to 1.9%, versus 2.3% prior. However, German Retail Sales plunged by 5.3% MoM in December, much worse than expected. Earlier in the week, German GDP also disappointed the EUR/USD pair traders.
Elsewhere, firmer earnings data from the industry majors like General Motors, Exxon and McDonald’s pushed back recession woes in the US and propelled the Wall Street benchmarks. That said, the Dow Jones Industrial Average , S&P 500 and Nasdaq all three reported over 1.0% daily gains the previous day. On the other hand, the US 10-year Treasury bond yields snapped a three-day uptrend while revisiting 3.51% while the two-year counterpart also dropped to 4.20%.
Amid these plays, the S&P 500 Futures prints mild losses while the US Treasury bond yields remain sluggish and pause the previous day’s pullback. The same allows the EUR/USD pair to brace for the Fed’s dovish hike of 0.25%.
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