EUR/USD spiraled between key levels on Tuesday as momentum remains limited.
Fiber is looking to stage a recovery back above the 1.0600 handle, but headwinds remain.
A lack of key momentum-driving data is hobbling bullish momentum opportunities.
EUR/USD chewed through chart paper between 1.0550 and 1.0600 levels on Tuesday, testing into the low side but staging a recovery to add a thin 0.14% on the day. Final pan-EU Harmonized Index of Consumer Prices (HICP) inflation figures did little to galvanize Fiber traders in either direction, and Greenback markets have to settle for a thin release schedule this week.
Headline HICP inflation in Europe held at a perfectly-even 2.0% YoY in October, matching preliminary figures. The data point was a non-starter in Euro markets, sparking little interest on either side of the bid-ask spread. US data remains muted until the latter half of the trading week brings unemployment claims and Retail Sales figures.
ECB President Lagarde appears on Wednesday to deliver the opening remarks at the ECB’s Conference on Financial Stability and Macroprudential Policy. The ECB is currently caught between a rock and a hard place as European inflation continues to hold stickier than European policymakers had initially expected, and the broader European economy continues to tilt lopsided.
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