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EUR/USD remains capped below 1.0950, eyes on Eurozone inflation, US GDP data

November 27, 2023
in Business
EUR/USD remains capped below 1.0950, eyes on Eurozone inflation, US GDP data
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EUR/USD loses ground near 1.0935 on renewed USD demand. 
The German economy started the second half of the year with a modest economic slowdown.
US S&P Global Composite PMI held steady at 50.7 in November.
Traders will focus on the German and Eurozone inflation data and US GDP data for fresh impetus. 

The EUR/USD pair posts modest losses during the early Asian session on Monday. The renewed US Dollar (USD) demand drags the major pair lower. The EUR’s upside also seems limited due to the macro outlook. The major pair currently trades near 1.0935, losing 0.08% on the day.

The German economy started the second half of the year with a modest economic slowdown. The statistics office revealed on Friday that the quarterly German Gross Domestic Product (GDP) for the third quarter (Q3) shrank by 0.1% while the annual GDP contracted by 0.4% from a 0.3% fall in the previous reading. European Central Bank (ECB) Vice President Luis de Guindos said on Friday that the risks to the European economic outlook are tilted to the downside. De Guindos further stated that inflation could go up again in the next months, but that maintaining the current interest rate for longer could keep inflation under control. The downside risks to growth in Germany, Europe’s largest economy might exert some selling pressure on the Euro (EUR) and act as a headwind for the EUR/USD pair. 

Additionally, the German constitutional court made a decision last week declaring the reallocation of unused debt that was initially allocated for emergency funding during the COVID-19 pandemic to the current spending plans to be unlawful. This has left a 60 billion Euro funding gap in the government’s budget which is especially hitting climate policies, according to CNBC.

Across the pond, the US S&P Global Composite PMI held steady at 50.7 in November. Meanwhile, the Manufacturing PMI dropped to 49.4 from 50.0, worse than the estimation of 49.8. The Services PMI grew modestly to 50.8 from 50.6 the previous month, above the market expectation of 50.4.

Market players will monitor Eurozone Consumer Confidence for November due on Wednesday. On Thursday, the German Retail Sales, Consumer Price Index (CPI), and Eurozone Harmonized Index of Consumer Prices (HICP) will be due. On the US docket, housing data, Consumer Confidence, GDP, and ISM Manufacturing PMI will be due. Traders will find a trading opportunity around the EUR/USD pair. 

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