Euro under pressure into the weekend’s French election [Video]
|Sentiment yesterday was mixed on a series of mixed economic and corporate news. US growth confirmed further slowdown and fueled Federal Reserve (Fed) doves, while Trump’s dominance at yesterday’s debate against Biden fueled appetite for the US dollar regardless.
US crude finally cleared the critical $82pb resistance, and returned to the positive trend that was building at the start of the year. There is one more thing to watch before this week ends: the core PCE data – the Fed’s favourite gauge of inflation that’s expected to show further weakness in both headline and core numbers. If that’s the case, combined with yesterday’s softish growth data, we could see the Fed doves remain in charge of the market.
In Europe, inflation figures from Eurozone countries will be closely watched but may not derail the euro from its falling path into the first round of the French legislative election that will take place this weekend!
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