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EUR/USD holds steady as Core PCE meets expectations

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The EUR/USD remains barely unchanged on thin trading after the US Bureau of Economic Analysis (BEA) revealed the Federal Reserve’s preferred gauge for inflation, the Core Personal Consumption Expenditure (PCE) price index for February was aligned with estimates.

EUR/USD nudges up slightly to 1.0788 after Core PCE inflation data for February aligns with market forecasts. Headline PCE inflation for February shows a modest increase, maintaining market anticipation for the Federal Reserve's next moves. Upcoming speeches by Fed Chair Jerome Powell and Mary Daly are eyed by EUR/USD traders.

According to BBH analysts, Fed Chair Jerome Powell's speech will be important. They noted, “Other Fed speakers have tilted hawkish after last week’s FOMC meeting, and markets will be watching to see if Powell follows suit or maintains the dovish tone from his press conference. With Powell, it’s always a coin toss but as we’ve said countless times before, the data will ultimately decide the timing of the first cut.

 

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