EUR continues to retreat. Overview for 17.05.2023
The market's most traded currency pair continues to retreat on Wednesday. The current EURUSD quote is 1.0860.
Investors are even more interested in safe-haven assets than before. This is due to the issue of the US government debt limit. In these circumstances, the US dollar is looking increasingly attractive. This will continue to be the case until politicians reach a consensus.
Negotiations between the White House and Congress will resume on Thursday when President Joe Biden returns from a shortened trip to Asia. The talks will concentrate on coming to a framework agreement, details of which can be worked out later. Republicans and Democrats are currently too far from consensus. Recall that the federal government will be without funds to cover its spending by 1 June.
The second estimate of the GDP in the Eurozone for Q1 2023 coincided with the first one: the economy grew by 0.1% q/q. US retail sales for April rose by 0.4% m/m, significantly below expectations. In contrast, industrial production rose 0.5% m/m while zero growth had been forecast.
Today we expect US real estate market data for April and Eurozone inflation data for the same month.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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