The EUR/USD exchange rate erased gains made on Monday despite the weak US retail sales numbers.
It dropped to a low of 1.0857 after Federal Reserve’s Tom Barkin warned that the Fed could continue hiking rates if inflation remains stubbornly high.In a statement on Tuesday, Richmond Fed’s Thomas Barkin said that he was comfortable with more rate hikes if inflation remains stubbornly high. He also said that more hikes will hinge on the health of the financial sector.
At the same time, there are signs that the economic growth is slowing. Data published on Tuesday showed that the country’s retail sales grew at a slower pace in April. This is an important figure since retail sales are a good measure of consumer spending. The bloc’s trade surplus jumped to over 25.6 billion euros, higher than the previous 3.7 billion euros.
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