The EURUSD went into the weekend near its lows- Forex Forecast
to reach a high of nearly 1.12760 last Tuesday touched a value not seen since late February of 2022.
While day traders who remain bullish regarding the EUR/USD might be disappointed that support levels late last week were vulnerable, the downward movement in the currency pair is also a reminder that Forex is never a one-way avenue. Economic conditions are complex in the European Union where inflation and recessionary pressures are evident via data. The European Central Bank will issue its interest rate decision this coming Thursday, following Wednesday’s U.S Federal Reserve policy statement. Both the ECB and Fed are expected to raise their lending rates by 0.25% this week.
What financial institutions and speculators now want to know is the outlooks of the ECB and Fed. On the surface in consideration of current economic conditions in Europe it appears the European Central Bank will have to remain more aggressive than the U.S Fed over the next six months. This perception could continue to lead to incremental buying of the EUR/USD over the mid-term.
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