Euro Struggles Against the Greenback as ECB’s Hawkish Rhetoric Fails to Boost Currency
Login

Euro Struggles Against the Greenback as ECB’s Hawkish Rhetoric Fails to Boost Currency

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


The euro had a tough time in the currency market this week, with losses piling up against its American counterpart, the US dollar. The EUR/USD pair saw its fourth week of consecutive losses, raising eyebrows and leaving currency traders wondering about the euro’s prospects.

Despite European Central Bank (ECB) policymakers maintaining a bullish stance throughout the week, their efforts to prop up the euro fell short. Market players had already factored in the hawkishness expressed by the ECB, leaving the currency in need of a substantial game-changer to rekindle the bulls’ enthusiasm.

While the euro grappled with its struggles, the US dollar continued its triumphant rally, growing stronger amidst the ongoing uncertainty surrounding the negotiation of the US debt ceiling. As we step into a new week, a resolution on the debt ceiling remains frustratingly elusive, further fueling the dollar’s dominance in the currency market.

Denominations of the Euro

Euro Area Data and Outlook for the Week Ahead

As we embark on a fresh trading week, the Euro Area gears up for the release of crucial economic data, with the flash Consumer Price Index (CPI) taking the spotlight. However, even if the CPI report springs a surprise, it is unlikely to bring about a drastic change in the overall outlook for the beleaguered euro.

Looking ahead, the narrative surrounding the US dollar and the ongoing debt ceiling negotiations will continue to steal the spotlight. Currency traders will be glued to their screens, eagerly awaiting Friday’s Non-Farm Payrolls (NFP) jobs report, especially after the impressive Personal Consumption Expenditures (PCE) data. It is worth noting that if a deal on the debt ceiling is struck, it could potentially extend the US dollar’s ongoing downward trend since its peak in September 2022.

 

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News