EURUSD Chart Technical Outlook set to come under further pressure after hawkish Fed comments, 1.0800 in play.
Europeans are ready for the long Easter holiday – but the mood is not so festive for the Euro. German retail sales were disappointed with a decline of 1.9% in February, which was far worse than the expected increase. Across the pond, there are more significant factors moving against EUR/USD.
Christopher Waller, a Governor at the Federal Reserve, said he would not rush to cut interest rates. While he is known as a hawk, his words weigh on markets that are due for a correction. The downbeat mood boosts the safe-haven US Dollar.
Ahead of the European weekend – not a US one, Core PCE is due on Friday – America’s final growth figures for the last quarter of 2023 are due. The solid 3.2% expansion rate will likely be confirmed, but any change could trigger outsized market moves. Another data point to watch is weekly jobless claims. I expect both releases to come out within estimates, which would keep the current short-term.
