EUR/USD: Bears remain in control around 0.9940 ahead of key data – by pabspiovano EURUSD Currencies Majors
Germany Flash GDP Growth Rate comes in at 1.2% YoY in Q3.The selling bias persists around the European currency and drags EUR/USD back to the 0.9940/35 band at the end of the week.drops to 3-day lows and extends the pessimism into the second half of the week amidst the continuation of the rebound in the greenback and the generalized loss of momentum in the risk-linked galaxy.
On the euro docket, flash GDP results see the German economy expanding 1.2% YoY in Q3 and 0.3% QoQ. Additionally, advanced inflation figures in France see the CPI rising 6.2% in the year to October. Later in the session, preliminary figures in Germany are also due along with EMU’s Consumer Confidence and Economic Sentiment.
Furthermore, the increasing speculation of a potential recession in the region - which looks propped up by dwindling sentiment gauges as well as an incipient slowdown in some fundamentals – adds to the fragile sentiment around the euro in the longer run.: France/Italy/Germany Flash Inflation Rate, German Preliminary Q3 GDP Growth Rate, EMU Final Consumer Confidence, Economic Sentiment: Continuation of the ECB hiking cycle vs. increasing recession risks.