EUR/USD: Bears eye 1.1300 as USD rebounds amid inflation fears By anilpanchal7 EURUSD Inflation RiskAppetite Coronavirus Fed
. As a result, the cautious sentiment allows traders to recover Friday’s gains.
That said, the headline US Nonfarm Payrolls disappointed markets with 199K figures for December versus 400K forecasts and 249K prior . However, the Unemployment Rate dropped to 3.9% compared to 4.1% market consensus and 4.2% in November while the U6 Underemployment Rate that fell to 7.3% against November's downwardly revised 7.7%, both closing in the pre-pandemic levels.
Following that, ECB board member Isabel Schnabel said on Saturday, “Rising energy prices may force the European Central Bank to stop ‘looking through’ high inflation and act to temper price growth.” It should, however, be noted that the virus woes are firmer in the bloc than the US while the Fed versus thebattle also favors the EUR/USD bears. Furthermore, market bets for the Fed rate hikes in March stay around 80% while top banks, like Goldman Sachs, expect four rate hikes in 2022, which in turn challenges the pair buyers ahead of Wednesday’s US inflation data, as well as Friday’s US Retail Sales, for December.
For an intraday basis, an absence of Japanese traders restricts bond moves and hence the latest pullback may continue.Although the quote offered a decisive break of the 21-day EMA, backed by the bullish MACD signals, EUR/USD pair traders remain cautious until the prices stay between a two-month-old ascending triangle pattern. That said, an envelope of the 50-day EMA and the 21-day EMA, respectively near 1.1375 and 1.
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