Euro holds on to gains just above a Fibonacci support level at 1.1070 EUR EURUSD $EUR $EURUSD
Market players keep an eye on central banks’ potential rate hikes.traded as high as 1.1136, adding roughly 150 pips on the back of encouraging headlines related to the Eastern Europe crisis. Russian and Ukrainian representatives met in Turkey to discuss ceasefire conditions, announcing afterwards progress had been made. The most relevant news was that Moscow agreed to “drastically reduce” military activity around Kyiv and Chernihiv to create conditions for dialogue.
Meanwhile, financial markets are pricing in a 60 bps hike in Europe, while US Philadelphia Federal Reserve President Patrick Harker noted that rate increases should be methodical. He said he would not rule out a 50 bps hike in May but would not commit either. Finally, he added that the balance sheet reduction could be equivalent to two quarter-point rate increase.
Data wise, Germany published the GFK Consumer Confidence Survey, which declined in April to -15.5, while the US released March CB Consumer Confidence, which improved to 107.2 from 105.7 previously and JOLTS Job Openings, up to 11.266 million. On Wednesday, it will be the turn of the EU to release March Consumer Confidence, while Germany will publish the preliminary estimate of the March Consumer Price Index, foreseen at 6.3% YoY, up from 5.1% in February.
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