The post EUR/USD flattens near 1.05 in the run-up to EU inflation figures appeared on BitcoinEthereumNews.com.

EUR/USD struggled to find momentum on Tuesday, stuck near 1.0500. The trading week has been shortened by a US holiday on Thursday, limited Friday hours. EU inflation figures are due on Friday, with a thin calendar until then. EUR/USD cycled the 1.0500 handle on Tuesday, with Fiber price action drifting into the near-term middle ground as directional momentum drains out of the pair. The economic calendar is an overall thin affair this week, with the US Thanksgiving holiday on Thursday trimming late-week market momentum. US markets will also see limited trading hours on Friday, further crimping the week’s potential for big plays. According to the Federal Reserve’s (Fed) latest Meeting Minutes, members of the Federal Open Market Committee (FOMC) continue to remain cautious about the pace of rate cuts looking forward. Overall, the Fed’s key group of policymakers seemed to agree that downside risks in the employment landscape and inflation outlook have decreased. Still, the pace of rate cuts is unlikely to accelerate further unless weak points open up in the jobs market and price growth starts to slump. According to the CME’s FedWatch Tool, rate traders have slightly solidified bets of a 25 bps rate trim when the Fed makes its final rate call of 2024 on December 18, with rate markets pricing in 60% odds of a quarter-point rate cut and the remaining 40% expecting a rate hold. This week sees a firm drought of EU-based datapoints through most of the week, with a fresh round of European Harmonized Index of Consumer Prices (HICP) inflation slated for Friday. Preliminary pan-EU HICP inflation for November is set to swing higher on an annualized basis, a looming threat that European Central Bank (ECB) policymakers have been scrambling to get out in front of. According to ECB officials, a near-term uptick…

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Filed under: News - @ November 27, 2024 12:21 am