EUR Rebounds From Losses: Overview for February 16, 2024
The EUR/USD pair has stabilized, displaying a recovery. The post EUR Rebounds From Losses: Overview for February 16, 2024 appeared first at R Blog - RoboForex.
The EUR/USD pair has stabilized, displaying a recovery.
The primary currency pair is exhibiting a neutral stance on Friday, with the current EUR/USD exchange rate standing at 1.0761.
Mixed results emerged from yesterday's US statistics, leading investors to speculate about a potential Fed interest rate cut in May, prompted by certain weak macroeconomic indicators.
January's US retail sales experienced a 0.8% m/m decline, deviating from the anticipated 0.2% increase. Contrastingly, the indicator rose by 0.6% in December. The primary cause for these fluctuations is attributed to the cooling of consumer demand post-Christmas. While the market awaits the February report, it responds promptly to the current data.
In January, industrial production recorded a 0.1% m/m decrease, contrary to the expected 0.2% increase, following a 0.1% rise in December. It's essential to consider the preceding high base effect and the localized dip in interest at the year's commencement.
ECB's monetary policymakers advocate for a timely decision on an interest rate decrease. Francois Villeroy de Galhau, a member of the European Central Bank and Governor of the Bank of France, emphasized the importance of a gradual and pragmatic approach. He suggested that delaying the decision could require significant efforts to adapt to the conditions.
The EUR responded positively to these comments by experiencing a rise.
The post EUR Rebounds From Losses: Overview for February 16, 2024 appeared first at R Blog - RoboForex.
