EUR/USD: Ukraine risks prevail, bears eye a move lower to test 1.0950 despite the ECB By ross_burland EURUSD Technical Analysis Ukraine DollarIndex ECB
Ukraine crisis and central bank divergences weighing on the single currency. EUR/USD continues to bleed out in the aftermath of critical events including the European Central Bank's announcement, the US Consumer Price Index and the latest developments in the Ukraine crisis. At the time of writing, EUR/USD is trading at 1.0988 and is down some 0.78% on the day.
Nevertheless, despite the fog of war, the ECB took more decisive actions than expected. ''The cautiously hawkish recalibration of APP shows that the ECB will not lose sight of inflation,'' analysts at Rabobank explained. has been revised up significantly, but the ECB seems to underestimate the potential adverse impact on growth.
Meanwhile, the euro touched a 22-month low of $1.0804 earlier in the week, with investors expecting the crisis in Ukraine to have a sizeable impact on European growth. In light of that, there is no let-up in sight to the war and the euro would be expected to be a fade on rallies, especially against commodity-linked currencies and the greenback. In recent news, the foreign ministers of Ukraine and Russia failed to reach peace during the highest-level meeting in three weeks of war Thursday.
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