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EUR/USD loses momentum below the mid-1.0800s ahead of the US Jobless Claims

November 16, 2023| Forex Market

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  • EUR/USD lose ground near 1.0835 on the firmer USD.
  • The markets believe that the Federal Reserve (Fed) is done with hiking cycle.
  • Eurozone Industrial Production for September declined 1.1% MoM vs 0.6% rise prior.
  • European Central Bank (ECB) President Lagarde speech, US weekly Initial Jobless Claims will be closely watched events.

The EUR/USD pair loses traction during the Asian trading hours on Thursday. The renewed US Dollar (USD) demand weigh on EUR/USD. Meanwhile, the US dollar Index edges higher to 104.50 after retreating to multi-month low of 104.00. The major pair currently trades near 1.0835, losing 0.06% on the day.

The US economic data on Wednesday suggested that the US economy cools down and the markets believe that the Federal Reserve (Fed) is done with hiking cycle. The US Producer Price Index (PPI) dropped 0.5% MoM in October from 0.4% increase in September. Additionally, the Retail Sales declined by 0.1% in the same period, against expectations of a fall of 0.3%. The Core Retail Sales rose by 0.2% from the previous reading of 0.6%.

On the Euro front, the Eurozone Industrial Production for September declined 1.1% MoM versus 0.6% rise prior. On the yearly basis, the figure fell 6.9% from the 5.1% decline in the previous reading. This, in turn, exert some selling pressure on the Euro against the Greenback.

Looking ahead, market players will monitor the European Central Bank (ECB) President Lagarde speech later on Thursday. Also, the US weekly Initial Jobless Claims for the week ending November 11 will be due. These figures could give a clear direction to the EUR/USD pair.

 

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