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EUR/USD is marginally up amid mixed German economic data

February 24, 2024
in Business
EUR/USD is marginally up amid mixed German economic data
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EUR/USD inches up with the pair navigating close to the 200-day moving average.
German GDP contracts in Q4 2023, while Ifo business climate index shows slight improvement.
Fed officials maintain cautious stance on rate cuts, despite solid US economic indicators.

The Euro prints gains against the US Dollar during Friday’s North American session but still circa the 200-day moving average (DMA) at 1.0826, amid an absent economic calendar in the United States (US). Data from the Euro area (EU) witnessed its largest economy shrinking while business sentiment improved. The EUR/USD trades at 1.0827, up a minuscule 0.04%.

EUR/USD hovers around 200-DMA as German economy contracts and business sentiment slightly improves

Data from the EU revealed that the German economy contracted -0.3% as expected on a quarterly basis in Q4 2023, according to Destatis. Annually based, the Gross Domestic Product (GDP) shrank -0.2%. Further data revealed that the business climate in Germany slightly improved from 85.2 to 85.5, according to the Ifo Institute.

Across the pond, the US economic calendar is absent though the latest unemployment claims figures and solid S&P Global Flash PMIs justified Fed officials’ hawkish commentary. Policymakers stated they’re ready to ease policy but not in a rush, as recent economic data solidifies that the economy is strong, which could reignite inflationary pressures.

The CME FedWatch Tool depicted traders aligning with the latest Fed projections, with officials estimating three rate cuts, as revealed by the latest Summary of Economic Projections (SEP) in December 2023. As of writing, traders have priced in 81 basis points (bps) of easing toward the end of 2024.

EUR/USD Price Analysis: Technical outlook

The EUR/USD is neutral to bearish bias, as the upward move toward the 50-day moving average (DMA) at 1.0885 was quickly rejected, with bears remaining in charge. If they push prices below the 1.0800 figure could exacerbate another leg down, targeting the November 10 low of 1.0656. But first, they must reclaim the 1.0750 area, followed by the 1.0700 mark. On the bullish side, the pair must reclaim the 200-DMA before buyers lift the exchange rate towards the 50-DMA ahead of 1.0900.

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