EUR pulls back in spite of hawkish ECB members

EURUSD drops below 1.1000 as markets are positioning for tomorrow's US CPI print. From a short-term perspective, divergence between EURUSD and TNOTE is being closed. On the other hand, traders were offered some hawkish comments from ECB members Kazaks and Nagel.

Kazaks

Rate hikes may not end in July (ECB announced that it will make at least one more hike but market prices in at least 2 hikes)
Market is premature to price in first rate cuts as soon as early-2024

Nagel

Inflation remains too high
Interest rates should rise further
Market is not always right when it comes to terminal rate pricing

EURUSD is pulling back with the move being primarily driven by USD strengthening. Source: xStation5

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Forex

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