EUR Commences the Week with Stability: Overview for February 19, 2024 – R Blog


The EUR/USD pair exhibits steadiness on this calm Monday.

The main currency pair maintains equilibrium at the start of the week, with the current EUR/USD exchange rate at 1.0775.

The atmosphere is tranquil this morning, with the US dollar showing stability as the country observes Presidents’ Day, resulting in diminished intraday activity across the market spectrum.

Recent data from last week revealed that the Producer Price Index (PPI) for January surpassed expectations with a notable increase. The sustained inflationary trend raises the likelihood of the US Federal Reserve postponing any plans for interest rate adjustments.

In January, the PPI rose by 0.3% month-on-month, exceeding the anticipated 0.1% and rebounding from a 0.1% decline earlier. On an annual basis, the PPI recorded a 0.9% increase, contrasting with the projected 0.6% decrease.

Although the Consumer Sentiment Index from the University of Michigan experienced an uptick, it fell short of expectations, reaching 79.6 points compared to the previous 79.0 points. However, the expectation index within the primary indicator improved to 78.4 points from the prior 77.1 points.

With no significant reports on the macroeconomic calendar for today, the market is left to its own devices.

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