EUR/USD rebound approaches 1.0750 amid sluggish markets, ECB, Fed talks in focus – by anilpanchal7 EURUSD ECB Fed RiskAppetite Inflation
The Euro failed to cheer hawkish ECB speak, as well as firmer Eurozone data, on Monday as it dropped to the lowest levels since January 09 amid a broad US Dollar recovery.
“The risk of doing too little dwarfs the risk of overtightening policy,” European Central Bank policymaker Robert Holzmann said on Monday. Sentix Investor Confidence index improves further to -8.0 in February from -17.5 in January vs. -12.8 expected. On the same line, Eurozone Retail Sales arrived at -2.8% YoY in January vs. -2.7% expected and -2.5% prior. Furthermore, German Factory Orders growth jumped to 3.2% MoM following an upwardly revised 4.4% fall in December, as well as 2.
That said, a dash on the US diplomatic visit to Beijing and China’s harsh reaction to the US shooting down its balloon by terming it a spying attempt triggered the market’s risk-off mood and weigh on the EUR/USD pair the previous day. However, the latest comments from US President Joe Bide appear soothing on the matter as he said, “The balloon incident does not weaken US-China relations.”
Against this backdrop, S&P 500 Futures print mild gains but the US 10-year Treasury bond struggled for clear directions around 3.63%, after a two-day rebound from the monthly low. Looking forward, sluggish markets and pre-event anxiety may restrict immediate EUR/USD moves ahead of German Industrial Production for December, a speech from ECB policymaker Isabel Schnabel and Fed ChairAlthough the ECB hawks may try to keep the EUR/USD afloat, major attention will be given to the US policymakers’ statements for clear directions amid hawkish Fed bets.A sustained downside break of an ascending trend line from early November, around 1.
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