Apr 13, 2021 22:31 GMTFXStreet News
What you need to know on Wednesday, April 14:
Markets seesawed between risk-aversion and risk-appetite. The sentiment was sour ahead of Wall Street’s opening, following news that the US FDA paused the application of the Johnson & Johnson coronavirus vaccine due to at least six cases of severe blood clots related to the shot. Stocks plummeted, providing temporary support to the greenback.
Financial markets changed course after
upbeat US inflation figures. The US March Consumer Price Index jumped to 2.6% YoY, while the core reading hit 1.6%, spurring risk appetite. Wall Street trimmed intraday losses, resulting and the dollar edged lower.
4/7/2021 1:04:52 PM GMT
EUR/USD Current Price: 1.1883
The US Federal Reserve is set to release the Minutes of its latest meeting.
Markit upwardly revised its Services PMIs for the Union in March.
EUR/USD is overbought in the near-term, the bearish potential is still limited.
The EUR/USD pair approached the 1.1900 level after encouraging EU data which underpinned the shared currency while weaker US Treasury yields undermined the greenback throughout the first half of the day. Markit published the final readings of its March Services PMIs for the EU, and most of them were upwardly revised. The German index was confirmed at 51.5, while for the whole Union, it printed at 49.6, better than the previously estimated 48.8.
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FOMC Minutes passed unnoticed as the Fed reaffirmed its wait-and-see stance.
Better than anticipated European data provided support to the shared currency.
EUR/USD retains gains near 1.1900 and could extend its gain towards the 1.2000 area.
The EUR/USD pair peaked at 1.1914 this Wednesday, its highest since March 23. The shared currency was supported by encouraging EU data, while the greenback, on the other hand, was hit by a continued decline in government bond yields and dismal local data. US President Joe Biden addressed the nation, defending his infrastructure investment plan but providing no fresh headlines.
Markit published the final readings of its March Services PMIs for the EU, and most of them were upwardly revised. The German index was confirmed at 51.5, while for the whole Union, it printed at 49.6, better than the previously estimated 48.8. The US released the February Goods Trade Balance, which posted a deficit of $71.1 billion, worse than the $ -70.5 bi