EUR/USD Rises After ECB’s Schnabel Urges Caution on Monetary Policy
- EUR/USD climbs 0.81% to 1.0574, rebounding from recent losses following ECB’s Isabel Schnabel’s hawkish stance.
- US Durable Goods Orders for October exceed expectations, up 0.2% MoM but fall short of forecasts for a larger increase.
- US GDP growth for Q3 hits 2.8%, meeting predictions but down from Q2’s 3% expansion.
The Euro showed resilience against the US Dollar in the mid-North American session as ECB member Isabel Schnabel’s comments on the need for caution in monetary policy pushed the EUR/USD pair up by 0.81% to trade at 1.0574.
EUR/USD Strength Fueled by ECB’s Stance
Despite the US Dollar’s recent gains of 5.50% against the Euro post-election, the release of US Durable Goods Orders for October, showing a 0.2% MoM increase, failed to provide support to the Greenback. The figure beat September’s performance but fell short of the expected 0.5% rise. Alongside this data, the US GDP growth in the second estimate for Q3 stood at 2.8%, in line with forecasts but below the previous quarter’s 3% growth.
Furthermore, the US Department of Labor reported that Initial Jobless Claims for the week ending November 23 remained at 213K, missing estimates of 217K. On the inflation front, the core PCE Price Index, a key indicator for the Federal Reserve, held steady at 2.8% YoY, up from the previous reading of 2.7%.
Conversely, Germany’s Gfk Consumer Climate index saw a sharp decline of -23.3 in November, indicating reduced income expectations and a slight drop in consumer willingness to spend, offset by an increase in savings desire.
EUR/USD Price Forecast: Technical Analysis
The EUR/USD downtrend persists, although recent price action suggests a reluctance to settle around the 1.03-1.04 range. A push above the November 20 high of 1.0609 could see buyers target the 1.0700 level, while a dip below 1.0500 might prompt bearish momentum towards the 1.0400 mark.
Euro PRICE Today
The table below displays the percentage change of the Euro (EUR) against major currencies today, with the Euro showing strength against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.88% | -0.95% | -1.49% | -0.29% | -0.55% | -1.31% | -0.67% |
The heatmap illustrates percentage changes of major currencies against each other. The base currency is selected from the left column, while the quote currency is chosen from the top row.