In Asian trade, the EUR/USD rose to 1.0670, probably as a result of negative US consumer confidence data. The preliminary Michigan Consumer Sentiment Index showed a drop, falling below anticipated values.

Despite trading lower, the US Dollar Index rose 0.26% in its ninth week. The dollar has been under pressure as a result of intraday rises in Treasury yields. The Fed may seek another interest rate hike by 2023, according to strong economic indicators.

The Consumer Price Index (CPI), retail sales, and jobless claims all indicate that the US economy is doing well. The Fed’s interest rate decisions will be eagerly watched by market investors, who anticipate no change in rates. In the meantime, ECB President CThe ECB’s position on maintaining a cautious and accommodating monetary policy while staying open to modifications if economic conditions warrant them is reflected in this statement.

There are important events planned for the Eurozone this week, including the release on Tuesday of the August Harmonized Index of Consumer Prices (HICP) for the Eurozone. The September HCOB Composite PMI is anticipated to be issued on Friday.

The EUR/USD pair will be actively watched by traders looking for trading opportunities, Christine Lagarde has declared that the central bank’s decision-makers do not aim to continue cutting interest rates.

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