Forex analytics and overview

EUR/USD: Euro Shrugs After Eurozone Inflation Rises

2024.11.29 08:22

The euro is showing little movement on Friday. In the European session, is trading at 1.0564, up 0.09%. There are no US events today and US markets will close early for the Thanksgiving holiday weekend.

Eurozone Inflation Jumps to 2.3%

Today’s eurozone inflation report was a reminder that inflation may be largely contained but the battle is not yet over. In November, CPI climbed to 2.3% y/y, up from 2% in October and matching the market estimate. Core inflation, which excludes volatile food and energy prices and is a better gauge of inflation trends, was unchanged at 2.7% y/y, shy of the 2.8% market estimate. Services inflation, which has been persistently high, rose 3.9%.

On a monthly basis, inflation declined in November, which could signal that disinflation is continuing. Headline CPI declined 0.3%, core CPI dropped 0.4%, and services inflation fell 0.9%.

The European Central Bank has strongly hinted at a rate cut in December and the November inflation data is unlikely to change those plans. The ECB can point to the monthly decline in the core rate and services inflation and weak economic activity as support for a rate cut.

The most recent PMI report showed that the eurozone services sector contracted for the first time in 10 months. Today’s German retail sales report pointed to weak consumer spending in the eurozone’s largest economy. Retail sales were down 1.5% m/m in October, after a revised 1.6% gain in September and below the market estimate of -0.3%. Annually, retail sales gained 1%, compared to a revised 4.2% in September and well below the market estimate of 3.2%.EUR/USD-4-Hr Chart

EUR/USD Technical

  • EUR/USD pushed above resistance at 1.0575 and 1.0595 before retreating
  • 1.0551 is under pressure as support. The next support line is 1.0531

Original Post



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 103,748.80 4.32%
ethereum
Ethereum (ETH) $ 2,375.90 23.20%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.34 6.62%
bnb
BNB (BNB) $ 633.24 3.00%
solana
Solana (SOL) $ 165.66 8.90%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.20708 13.67%
cardano
Cardano (ADA) $ 0.796302 11.89%
tron
TRON (TRX) $ 0.256725 2.44%
staked-ether
Lido Staked Ether (STETH) $ 2,362.77 22.62%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,729.79 4.34%
sui
Sui (SUI) $ 3.99 9.41%
chainlink
Chainlink (LINK) $ 16.18 9.78%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,845.15 23.02%
avalanche-2
Avalanche (AVAX) $ 23.03 10.08%
stellar
Stellar (XLM) $ 0.299014 9.77%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 10.84%
hedera-hashgraph
Hedera (HBAR) $ 0.200939 8.80%
bitcoin-cash
Bitcoin Cash (BCH) $ 422.66 0.78%
hyperliquid
Hyperliquid (HYPE) $ 25.07 14.50%
leo-token
LEO Token (LEO) $ 8.88 1.23%
the-open-network
Toncoin (TON) $ 3.30 5.64%
usds
USDS (USDS) $ 1.00 0.01%
litecoin
Litecoin (LTC) $ 98.52 6.33%
polkadot
Polkadot (DOT) $ 4.61 9.05%
weth
WETH (WETH) $ 2,374.98 23.14%
monero
Monero (XMR) $ 302.91 5.16%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,532.47 23.10%
bitget-token
Bitget Token (BGB) $ 4.56 5.85%
pi-network
Pi Network (PI) $ 0.744031 17.98%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.08%
pepe
Pepe (PEPE) $ 0.000012 34.48%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 104,242.93 4.79%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
whitebit
WhiteBIT Coin (WBT) $ 30.47 5.68%
bittensor
Bittensor (TAO) $ 443.80 9.75%
uniswap
Uniswap (UNI) $ 6.50 24.67%
aptos
Aptos (APT) $ 5.71 13.01%
near
NEAR Protocol (NEAR) $ 2.89 18.44%
dai
Dai (DAI) $ 1.00 0.02%
okb
OKB (OKB) $ 54.48 6.03%
ondo-finance
Ondo (ONDO) $ 1.03 11.52%
aave
Aave (AAVE) $ 213.20 13.30%
susds
sUSDS (SUSDS) $ 1.05 0.02%
ethereum-classic
Ethereum Classic (ETC) $ 19.19 11.16%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
crypto-com-chain
Cronos (CRO) $ 0.100233 4.68%
internet-computer
Internet Computer (ICP) $ 5.38 11.71%
official-trump
Official Trump (TRUMP) $ 14.00 15.47%