The $EURUSD price moved sideways on Wednesday with the focus now being the upcoming Fed decision.
After dropping to a low of 1.0798 on Tuesday, the pair pulled back to 1.0867. It will likely show some increasedThe EUR/USD reacted to the latest outlook by the International Monetary Fund and the relatively strong economic data from Europe. In a report, the IMF decided to upgrade its global economic outlook as it cited the falling inflation in most countries.
Eurostat also published encouraging economic numbers on Tuesday. The statistics agency said that the bloc’s economy expanded by 0.1% in the fourth quarter. This increase was much higher than the median estimate of a 0.1% contraction. On a year-on-year basis, the economy expanded by 1.9%. As such, there is increasing hope that Europe will avoid a recession.
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