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Home Forex News

EUR/USD Faces Some Selling Pressure Near 1.0780

Admin by Admin
January 12, 2023
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EUR/USD currency pair alternates gains with losses and struggles to extend the multi-session positive streak on Thursday, as market participants remain prudent prior to the publication of the US inflation figures for the month of December.

The CPI results are expected to shed more light on the probability of a Fed’s pivot in its current normalization process, while expectations of a 25 bps rate hike at the Fed’s next event on February 1 looks the most likely scenario according to CME Group’s FedWatch Tool.

EUR/US’s strong rebound faces an initial and decent resistance near the 1.0780 region so far.

In the meantime, the European currency is expected to closely follow dollar dynamics, the impact of the energy crisis on the region and the Fed-ECB divergence.

Back to the euro area, the increasing speculation of a potential recession in the bloc emerges as an important domestic headwind facing the euro in the short-term horizon.

Related– EUR/USD clings to small daily gains near 1.0750

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