EUR/USD Extends Its Profit Testing 1.0600 During the European Trading Period

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EUR/USD is getting close to the 1.0600 mark today. This is because of the action of downward forces on the USD. Stocks in Europe rose beyond 1%, as it obtains strength from Asian and American counterparts. This made investors reconsider if the central bank will continue with its violent rate increase, as economic development decreases.

The pricing of Futures reveals that traders are awaiting the Fed’s standard money rates to stabilize near 3.5% as of March 2023. Eventually, this will be a revision below past pricing in rate boosting to near 4% in 2023.

EUR/USD Extends Its Profit Testing 1.0600 During the European Trading Period

More EUR/USD Price Factors

The dangers of economic tightening in the United State and European Countries have increased rapidly following Russia’s attacks on Ukraine. This has made consumer prices spike worldwide, and this can be observed in this month’s Purchasing Managers Index statement.

Despite the noticed upward momentum, it appears as if buyers are barely profiting lately. It appears as if the uptrend in the United States’ Treasury might be holding back the EUR/USD’S movement towards 1.0600.

Focus has moved to the first-tier United States Durable Goods request data, coming up soon during the New York session. Also, the coming Home Sales for new insight on the well-being of the US economy. Also, the opening statement of the ECB president during the 3-days gathering in Sintra this week should be monitored. Nevertheless, the major risk, this week will be the policy debate, between the executives of the Federal Reserve, Bank of England, and European Central Bank. This will occur during the Sintra meeting in two days: Wednesday.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.