EUR/USD FACES HARSH REJECTION FROM 1.12 AMID GREENBACK BOUNCE
- EUR/USD fell four-tenths of a percent after flubbing the 1.12 handle on Wednesday.
- Markets pivoted into Greenback bids in the midweek market session.
- US economic data and Fedspeak to dominate market cycle for the rest of the week.
EUR/USD pulled back on Wednesday, tumbling back through the 1.1200 handle and falling into familiar near-term congestion just north of 1.1100. Fiber shed nearly half of a percent after briefly setting a new 14-month high this week.
Thursday brings an entire raft of speeches from central banks, with an appearance from European Central Bank (ECB) President Christine Lagarde, as well as talking points from ECB Executive Board Member Isabel Schnabel. Friday will follow with a full slates of consumer and business sentiment surveys for September from the pan-EU economic area.
US consumer confidence indicators fell this week as the average US consumer doesn’t share in the stock market’s exuberance over Fed rate cuts, with key confidence readings falling to their lowest levels in three years and consumer inflation expectations for the next 12 months ticking higher. This Friday will see a fresh update to US Personal Consumption Expenditure (PCE) inflation figures.
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