EUR/USD at risk of another selloff as ECB unlikely to endorse market pricing
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FUNDAMENTAL OVERVIEW USD: The US dollar has been consolidating against most major currencies since Monday. The US CPI report yesterday came mostly in line with expectations and helped alleviate some of the most hawkish fears. The market pricing hasn’t changed though as traders co
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Lead — The EUR/USD pair remains in a consolidation phase as traders await clearer signals from both the ECB and the Federal Reserve. Per the full note from Giuseppe Dellamotta, the US dollar has strengthened slightly amid geopolitical tensions and higher-than-expected inflation data, while the euro faces pressure despite anticipated ECB rate hikes. The market is pricing in an 87% probability of a June rate hike from the ECB, but the desk sees limited room for the euro to rally based solely on interest rate expectations. Upcoming US Retail Sales and Jobless Claims data will be crucial in shaping market sentiment.
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