EUR/USD bulls eye 1.0900 amid US default woes ahead of Eurozone GDP, US Retail Sales – by anilpanchal7 EURUSD RiskAppetite GDP RetailSales Politics
Euro bulls cheer upbeat EC economic forecasts and downbeat US data to ignore softer Eurozone, German catalysts.Hopes of upbeat Eurozone Q1 GDP, softer US Retail Sales also weigh on the EUR/USD price.remains firmer for the second consecutive day around 1.0880 as it defends the previous day’s U-turn from a five-week low heading into Tuesday’s European session.
Alternatively, Germany’s Economy Ministry said in its monthly report that the underlying economic momentum has recently weakened noticeably. However, the report also said, “Mood indicators point to economic recovery in the further course of the year.” On the same line, Eurozone Industrial Production dropped 4.1% MoM in March versus -2.5% expected and +1.5% previous reading. More importantly, the YoY figures were quite disappointing with -1.4% yearly mark compared to 2.0% prior and 0.9% expected.
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