Euro can still be moved by data. Economists at ING analyze EUR outlook ahead of Eurozone GDP and inflation reports.
GDP data could take its toll
The early part of this week should see plenty of soft Eurozone data, be it third-quarter GDP data or the October inflation prints. The consensus for Tuesday’s third-quarter eurozone GDP print is 0.0% quarter-on-quarter. Presumably, another soft release along with softer CPI data will cement views that the ECB’s tightening cycle is over and could leave the Euro vulnerable.
It is going to require some soft US data to turn this EUR/USD bearish trend around.
1.0500-1.0600 could well be the EUR/USD range this week.
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