EUR/USD Maintains Steady Pace on Tuesday Despite Several Eurozone Data Releases

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.



Today, the eurozone saw the release of several key economic indicators, including inflation and labor market data, which were eagerly awaited by investors. However, despite the positive results, the EUR/USD currency pair did not reflect the data.

The French inflation, while missing its estimates, still showed improvement compared to the December figure, with an actual figure of 6%. Meanwhile, the German labor market remained robust and continued to be a source of strength for the eurozone.

Typically, this type of economic data would drive bullish bets for the upcoming European Central Bank (ECB) meeting, where policymakers will discuss the current economic climate and determine monetary policy. However, the market sentiment remains cautious, with a risk-off attitude in Asia and Europe, resulting in the USD benefiting from this hesitancy.

With tomorrow’s Federal Reserve (Fed) meeting also looming, the market is eagerly awaiting the Fed’s stance on monetary policy. While a 25 basis point rate hike is unlikely to change, the Fed’s hard stance on reaching a peak rate of 5% for 2023 may be reiterated. This may come as a surprise to the market, which has been dismissing the Fed’s guidance as unrealistic.

In terms of the Eurozone’s Gross Domestic Product (GDP), it showed growth quarter-over-quarter, but it was not enough to provide a significant boost for the single currency. However, tightening credit standards in the first quarter did weigh on the euro’s pricing, and there are signs of a decline in business and household borrowing. This may be a sign that the ECB’s recent rate hikes are finally filtering through to the wider economy, which could have longer-term implications for the eurozone.

EUR/JPY End Its Brief Decline Beyond 143.00, Focuses on BoJ’s Policy

EUR/USD Traders Cautious Ahead of Fed Meeting

The latest economic data release in the eurozone has not had a significant impact on the EUR/USD currency pair, with the market remaining cautious ahead of tomorrow’s Fed meeting. However, the positive economic data, combined with tightening credit standards, may indicate that the ECB’s monetary policy is finally having an impact on the wider economy. Investors will continue to closely monitor these developments in the coming weeks and months.

 

You can purchase Lucky Block here. Buy LBLOCK

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.