Spain Consumer Price Index (MoM) came in at -0.3%, below expectations (0%) in January
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EUR/USD recovers modestly, stays below 1.0900
EUR/USD has managed to stage a rebound toward 1.0900 after the data from Spain showed that inflation unexpectedly accelerated in January. Meanwhile, the German economy contracted in Q4, not allowing the Euro to gather further strength.
GBP/USD stays on the back foot below 1.2400
GBP/USD erased a small portion of its daily losses but lost its recovery momentum before reclaiming 1.2400. With the cautious market mood helping the US Dollar hold its ground against its rivals in the European session, the pair is having a difficult time gaining traction.
Gold retreats toward $1,920 as US yields edge higher
Gold price has turned south in the European session and declined toward $1,920. The benchmark 10-year US Treasury bond yield rises toward 3.55% and clings to gains on Monday, weighing on XAU/US. The US economic docket will not feature any high-impact data releases.
Big risk this week Fed hikes 50 points
While the entire global investment community is apparently very excited about the US Fed slowing its rate increases to 25 bps, there are strong reasons for arguing why another 50 bps rate hike, or two, are still on the menu.