EUR/USD Fluctuates Between 1.0780 and 1.0800 Price Level, Attention Shifts on Fed’s Chairman and ECB President Speech

The EUR/USD market currently has no direction as it trades with a thin radius of 1.0780 and 1.0800 price levels while the dollar index stabilize following hitting an approximate resistance price level of 101 during the Tokyo session. Traders and Investors are expecting the order From Jerome Powell (Federal Reserve Chairman) and Christine Lagarde (European Central Bank President) which will be given tomorrow (Thursday).

The EUR/USD trend has reduced considerably this month during the shifted trail of the Federal Reserve System’s (Fed’s) and European Central Bank’s (ECB’s) in the direction of each of their interest rate policies. Partly, it seems the Fed is in a pickle between staging a 50 basis point or 75 basis points interest rate increase either of which one is imminent, to handle the inflation problem.

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At the same time, the supply delay and increase in the cost of energy have given the European Central Bank no other option than to maintain an unbiased position. The Ukraine-Russia struggle has slowed economic development in the Eurozone, and this is anticipated to remain for a considerable length of time. Increases in energy cost are negatively affecting the actual income of families and from here on their self-assurance in the economy of Europe. This has as well triggered worries about inflation and recession in Europe, which will increase the difficulty of the ECB’s decision-making.

During the European session, investors will monitor the publication of the European Industrial Production. Monthly European Industrial Production is anticipated to arrive at 0.7 percent while the annual basis is likely to be released at 1.5 percent.

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