EUR awaits news. Overview for 29.02.2024

The primary currency pair is consolidating on Thursday. The current EURUSD exchange rate is standing at 1.0835.

The market is conserving its strength as the most critical inflation component, which the US Federal Reserve pays attention to, is due to be released tonight. This is the Core PCE index. Given investors' uncertainty about the timing of the first interest rate cut in the current cycle, this index holds significant importance. It will show how prices behave at the onset of this trend, offering insights into current inflation patterns.

The statistics from yesterday came out neutral. The second estimate of US GDP demonstrated economic growth of 3.2% y/y in Q4 2023 compared to the initial estimate of 3.3%. However, no revision had been expected.

According to the Fed's forecasts, real GDP in the US increased by 2.6% in 2023, while expectations for 2024 suggest a rise of 1.4%.