Richmond Fed President Thomas Barkin said that given the strong job market, the Federal Reserve still has time to gain confidence that inflation will fall toward the 2% target, while Fed President of New York noted that it is worrying when monthly inflation figures are higher.
Euro dollar fundamental overview
In the morning, data on factory orders in Germany were published, which showed a contraction of 0.4% on a monthly basis in March. This was worse than market expectations of a 0.5% increase and weighed on the euro.
Meanwhile, US stock index futures are trading in mixed territory hours ahead of the US session opener. Should the major Wall Street indexes manage to consolidate Monday’s gains, the US dollar may struggle to remain resilient against its rivals and allow the euro-dollar exchange rate to extend its bullish move.
