EUR/USD rises to near 1.1500 ahead of German Retail Sales, Eurozone HICP
EUR/USD inches higher after five days of losses, trading around 1.1480 during the Asian hours on Tuesday. Traders will likely observe the German Retail Sales and Unemployment data for February due later in the day, along with preliminary Eurozone Harmonized Index of Consumer Prices (HICP) figures for March.
Bank of France Governor François Villeroy de Galhau said on Monday that policymakers stand ready to act if energy-driven inflation broadens. He added that the Iran war-related energy shock is likely to be inflationary in the near term, though the European Central Bank cannot prevent the initial surge in prices.
The EUR/USD pair appreciates as the US Dollar (USD) declines after five consecutive days of gains. However, the Greenback may rebound amid rising safe-haven demand linked to uncertainty surrounding the Middle East tensions.
The Wall Street Journal (WSJ) reported that US President Donald Trump is open to ending the Iran war without reopening the Strait of Hormuz, signalling shifting priorities. However, continued US troop deployments point to mixed messaging and persistent risks to global energy flows.
Federal Reserve (Fed) Chair Jerome Powell noted on Monday that long-term US inflation expectations remain well anchored despite heightened Middle East uncertainties and emphasized that the Federal Reserve policy stance allows officials to evaluate the economic impact of the Iran conflict.
New York Fed President John Williams said that monetary policy is well-positioned for any unusual circumstances and told Reuters that the job market is still sending mixed signals on Monday.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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