EUR/USD stays bulls above 1.0800 on Fed’s hawkish halt, ECB eyed – by anilpanchal7 EURUSD ECB Fed Inflation RiskAversion
meeting day, i.e. Wednesday. It’s worth noting that the US Federal Reserve matches market forecasts of pausing the rate hike trajectory but appeared hawkish and weighed on the Euro pair. However, the hawkish hopes from the bloc’s central bank keep the buyers hopeful ahead of the key event.
On Wednesday, the Federal Open Market Committee decided to keep the benchmark Fed rate unchanged at the rate of 5.0-5.25%, matching market expectations of pausing the 1.5-year-old rate hike that propelled rates for 10 consecutive times. Even so, the hawkish signals from the FOMC Economic Projections andThat said, the dot plot rose 30 bps from March for 2024 and 2025 to 4.6% and 3.4% respectively while the median rate forecasts suggest two more rate increases in 2023.
Elsewhere, Germany’s Wholesale Price Index dropped 1.1% in May, versus -1.0% expected and -0.4% prior whereas Eurozone Industrial Production rose 1.0% for April versus 0.8% expected and -3.8% prior . On the other hand, the US Producer Price Index for May dropped to 1.1% YoY versus 1.5% expected and 2.6% prior.
Amid these plays, markets remained volatile and Wall Street closed mixed whereas the US 10-year Treasury bond yield eased 1.0 basis point to 3.79% but its two-year counterpart grind higher at the three-month top to 4.70%.
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