EUR/USD drops below 0.9800, trimming its weekly gains – by christianborjon EURUSD Majors Eurozone Inflation ECB Fed
The Euro tumbles on high EU inflation as stagflation looms
Given the backdrop of mixed sentiment in the Euro area, as shown by October’s ZEW survey, hinting at a recession, the EUR/USD appreciated. Factors like overall US Dollar weakness, and a stable UK bond market, sparked a relief rally on risk-perceived assets. tightening, with rates about to hit the 4% threshold, as speculations of another big-size rate hike mounted.Aside from this, Minnesota Fed President Neil Kashkari said that inflation is too high while saying that the Federal funds rate needs to get to the 4.5-4.75% to tackle inflation. He added that the Fed would need to continue its restrictive policy if inflation remains high.The EUR/USD refrained from testing the top-trendline of a descending channel drawn from February 2022, around the 0.
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