Outlook for EURUSD
Fed Chair Jerome Powell has been pretty clear over the last few weeks, including at the European Central Bank’s annual gathering in Portugal earlier this week, that the U.S. central bank is likely to resume its rate-hiking cycle after pausing in June.
Data released on Thursday showed that the U.S. economy grew much more than initially thought in the first quarter, while the jobless claims data indicated a still strong labor market.
Back in Europe, EUR/USD rose 0.1% to 1.0874, ahead of the release of the June consumer price index for the eurozone as a whole.
This is expected to fall to 5.6% in June from 6.1% in May, but German consumer prices rose by much more than expected in June, and this creates the possibility of an upside surprise given the dominance of the German economy.
European Central Bank President Christine Lagarde has largely cemented expectations earlier this week for a ninth consecutive rise in interest rates in July, and this hawkish tone is set to prompt gains of roughly 1.7% for the euro against the dollar this month.
BUY 1.0845 - 1.0835💯💯
✅ TP1: 1.0900
✅ TP2: 1.0940
🛑 SL: 1.8000
Data released on Thursday showed that the U.S. economy grew much more than initially thought in the first quarter, while the jobless claims data indicated a still strong labor market.
Back in Europe, EUR/USD rose 0.1% to 1.0874, ahead of the release of the June consumer price index for the eurozone as a whole.
This is expected to fall to 5.6% in June from 6.1% in May, but German consumer prices rose by much more than expected in June, and this creates the possibility of an upside surprise given the dominance of the German economy.
European Central Bank President Christine Lagarde has largely cemented expectations earlier this week for a ninth consecutive rise in interest rates in July, and this hawkish tone is set to prompt gains of roughly 1.7% for the euro against the dollar this month.
BUY 1.0845 - 1.0835💯💯
✅ TP1: 1.0900
✅ TP2: 1.0940
🛑 SL: 1.8000
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