Single Currency Boosted, Market On Holiday
The Euro/Dollar pair increased 0.21% to trade at 1.2327. Today, European market is closed for the holiday. German inflation rose 0.4% in March. Annually, the inflation remains at 1.5% and Eurozone inflation remains at 1.1%, undermining speculations about ECB policy tightening. Jens Weidmann, however, insists on ending the QE program as soon as possible.
Recently, EUR/USD was subdued as US Final Gross Domestic Product has been revised up to 2.9%. Projections suggest that Q1 2018 will be less successful, slowing to 1.8%. But, some believe that economic growth will reach 3%. It seems that chances for 4 rate hikes this year keep increasing.