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EUR/USD price fluctuates between 0.9906 -0.9935 before the European Central Bank (ECB) policy. Promises made by Gazprom to supply energy aren’t enough to satisfy the energy supply stoppage from the Nord street one pipeline to Europe. Additionally, the dollar index has renewed its 20 years height at 110.09 as the Non-farm Payroll printed an upbeat.
The EUR/USD pair experienced a sharp value decline, following the publication of the euro area harmonized Index of Consumers price. Also, ECB’s chosen inflation gauge arrived at 9.1%, and this was led by the eurozone’s energy problem.
Additional Factors That Will Affect EUR/USD Price
However, the happening that will be of major interest is the meeting during which the ECB will decide the interest rate. This meeting is scheduled to hold on this week’s Thursday. Also, European Central Bank has delayed increasing its interest rate. Nevertheless, at this point, they’ve been pushed to sound quite hawkish to curb rising inflation. Christine Lagarde who is the President of the ECB is anticipated to declare an interest rate increase of 50 bps. This will raise the critical rates to 1%. Consequently, this will influence the EUR/USD price changes
Furthermore, since the United States market will be shut down due to Labor Day, risk feelings will control the Forex world. Investors. Investors should know that the inflation United States Dollar index has renewed its twenty years height of 110.09. And, this wasn’t supported by the release of an upbeat in the NFP. Also, this will assist the Fed in handling the strenuous task of reducing pressure from inflation.
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