Euro is slowly approaching the critical 1.1000 support, gaining bearish strength EUR EURUSD $EUR $EURUSD
d comments from US Federal Reserve chief Jerome Powell. Moscow has escalated its shelling on the neighbour country as it approaches Kyiv, while hopes for a diplomatic solution fade.
Meanwhile, central bankers provided some entertainment. A hawkish Federal Reserve, Raphael Bostic, said that the increased uncertainty has reduced confidence and is now appropriated to move into a highly aggressive rate path. He predicted six rate hikes for this year and two more in 2023. Across the pond, European Central Bank policymaker Joachim Nagel noted that if bond purchases end in the third quarter, interest rates could rise this year.
Meanwhile, Germany published the February Producer Price Index, which rose to 25.9% YoY, slightly below expected. The US released the February Chicago Fed National Activity Index, which printed at 0.51, better than the 0.29 expected but below the previous 0.59. On Tuesday, the EU will release January Current Account and Construction Output, while ECB’s President Lagarde will offer a speech. The US will not release relevant macroeconomic data.shows that EUR/USD met sellers around the 38.
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