EUR/USD clings to mild gains near 1.0850 as ECB, Fed hawks jostle amid recession concerns – by anilpanchal7 EURUSD ECB Fed Recession RiskAppetite
EUR/USD grinds higher around intraday top as it braces for the second consecutive weekly gain.
EUR/USD bulls do keep the reins around 1.0840 as they aim for the second weekly gain in a row during early Friday. Although European Commissioner for Economy Paolo Gentiloni said on Thursday, “We're in a period of economic contraction,” European Central Bank President Christinestated that economic news has become much more positive. Adding strength to the cautious optimism were comments from ECB’s Lagarde as she said, “We may only see a small contraction in the Eurozone,” as well as, “Will stay the course with rate hikes”.
It should, however, be noted that the Fed policymakers’ hawkish play fail to get many accolades amid mixed data. That said, the US Unemployment Claims dropped to the lowest levels since late April 2022, to 190K for the week ended on January 13 versus 214K expected and 205K prior. Further, the Philadelphia Fed Manufacturing Survey Index improved to -8.9 for January compared to -11.0 market forecasts and -13.7 previous readings. However, US Building Permits eased in December to 1.33M MoM versus 1.
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