28 October 2022, EUR/USD
EURUSD trading plan:
The European Central Bank doubled its key interest rate to the highest level in more than a decade and signaled its making progress in its battle with record inflation, just as the likelihood of a recession mounts. Citing “substantial progress in withdrawing monetary policy accommodation,” the ECB brought the deposit rate, which was below zero as recently as July, to 1.5%. “Inflation remains far too high and will stay above the target for an extended period,” it said in a statement. In plowing on with increases even as energy-market turmoil batters the 19-nation euro-zone economy, the ECB reaffirmed its commitment to wrest back control over prices that are surging at five times the 2% target. “Economic activity in the euro area is likely to have slowed significantly in the third quarter,” President Christine Lagarde told a news conference, describing a “higher likelihood of a recession.”
Investment idea: range 0.9910 - 1.0020.
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