- Euro sheds 1.3% top-to-bottom in broad-market pullback into USD.
- Upbeat German data couldn’t keep the Euro afloat.
- US GDP and PCE inflation to be key data prints next week.
The EUR/USD lost further ground on Friday, as investors shrugged off above-forecast German economic data to bid up the US Dollar across the board. Mid-tier German sentiment indicators all came in well above expectations as consumer, investor, and business sentiment all improve. However, middling to soft economic data from Europe remains a key stumbling block for overly bullish confidence.
Federal Reserve (Fed) Chairman Jerome Powell delivered a speech while attending a Fed Listens event in Washington, DC. Still, the Fed head was careful to avoid discussing any monetary policy issues, leaving rate-cut-hungry investors with little new to chew on heading into the weekend.
Next week, US Gross Domestic Product (GDP) figures on Thursday and a Personal Consumption Expenditure (PCE) Price Index print slated for Friday will dominate market focus. Market participants hoping for Fed rate cuts sooner rather than later will be hoping for US growth to continue easing. The Core MoM PCE Price Index, the Fed’s favored inflation metric, is expected to tick down to 0.3% from 0.4%.
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