The Euro has steadied against the US Dollar on Thursday as the market ponders the path of Fed rate hikes and technical resistance levels remain overhead for now.
The Euro gained overnight after better-than-expected Euro wide GDP figures show Euro-wide QoQ expansion for the third quarter rather than the 0.2% anticipated. This gave an annual read of 2.3% YoY to the end of September, above the 2.1% forecast.
While a pleasant surprise, annual inflation is still near 10% and presents a worrying problem for the European Central Bank.
Broader US Dollar weakness also helped to underpin the Euro into the Asian session with the market now focusing on next week’s Federal Open Market Committee (FOMC) meeting.
While 50 basis points are all but baked in, the market will be scrutinizing the language used by Fed Chair Jerome Powell in post-meeting remarks.
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