The Euro hasn’t clawed back much of the ground it lost last week to a stronger Dollar, and on current showing doesn’t seem likely to
While inflation is heading in the right direction as far the European Central Bank is concerned, Germany presents a microcosm of European rate-setters’ problems. Prices may be weakening but they remain above target and vulnerable to resurgence thanks to any number of factors, from domestic wage bargaining to supply chain shocks thanks to conflict in Gaza and Ukraine..
It lost a lot of ground to the Dollar last week, when the Fed caused a huge pushing back of US rate-cut expectations, and hasn’t made much of it back. The ECB won’t set rates again until March 21, which is probably going to seem like an even longer time in the markets than it is. Central bankers’ comments will likely rule the market until then.The Euro is bubbling away just below resistance at its 100-day moving average. The pair plunged below this during last week’s savage bout ofstrength and hasn’t managed to retake it since. It comes in at 1.
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