Forex Analysis by Investing.com (Damian Nowiszewski) covering: EUR/USD. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Despite robust US labor market data last Friday, bullish momentum persisted, driving the local uptrend in the currency pair.
Initial forecasts predict a slight rise in consumer inflation to 3.4% year-on-year. If inflation exceeds expectations, it could lead to renewed pressure on prices, potentially breaking the tested support around 1.07.Despite expectations of unchanged interest rates at Thursday's ECB meeting, the bank's authorities will likely continue their narrative of monitoring and analyzing incoming data from the European economy.
Presently, the market is estimating about a 50% chance of a Fed move in June, with expectations for three cuts in the subsequent months. Additionally, disinflation has notably slowed down. Hence, to avoid a scenario akin to the 1970s, the Federal Reserve is inclined to postpone the start of the cycle for as long as possible.The EUR/USD, having bounced back around 1.07, is now sitting around the midpoint of the range between 1.07 and 1.10. It seems likely that this situation will persist until tomorrow's inflation data is released.
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