Anna 
The EUR/USD currency pair is in a consolidation phase, struggling to extend the winning streak initiated on March 1. As global traders anticipate significant economic events from both the Eurozone and the United States, the pair hovers around the 1.0950 mark during Asian trading on Friday.
Investors are closely eyeing the Eurozone’s Gross Domestic Product (GDP) data, with forecasts suggesting an annual and monthly consistency at 0.1% and 0.0%, respectively, for the fourth quarter of 2023. Meanwhile, attention is also directed towards the United States, where Nonfarm Payrolls data is expected to reveal a creation of 200,000 new jobs in February, potentially impacting expectations of a Federal Reserve (Fed) rate cut in June. The CME FedWatch Tool indicates a 56.7% likelihood of such a cut.
On Thursday, the European Central Bank (ECB) decided to maintain its current monetary policy, emphasizing its dedication to steering inflation back to the desired range. Interest rates on main refinancing operations, marginal lending facility, and deposit facility remained unchanged at 4.5%, 4.75%, and 4.0%, respectively. The ECB committed to sustaining appropriately restrictive policy measures until its inflation target is achieved.
Federal Reserve Chair Jerome Powell, in his second day of congressional testimony, hinted at the potential for interest rate cuts later in the year. Cleveland Fed President Loretta Mester expressed concerns about persistent inflation and suggested that rate cuts might be a possibility if economic conditions align with forecasts. As both central banks navigate economic challenges, the EUR/USD pair faces a crucial juncture, awaiting key data releases that could shape its trajectory in the coming sessions.
