12 January 2023, EUR/USD
EURUSD trading plan:
The European Central Bank expects to continue raising interest rates "significantly" at future meetings, at a sustained pace, to ensure that inflation returns to the 2% target over the medium term, ECB policymaker Pablo Hernandez de Cos said. "Keeping interest rates at tight levels will reduce inflation by dampening demand and will also protect against the risk of a persistent upward shift in inflation expectations", De Cos told a financial event in the evening. His stance was in line with the ECB's guidance. The ECB has delivered four successive rate hikes since July to halt a historic surge in inflation and has promised further increases to steer price growth towards its goal. The ECB sees inflation in the euro zone exceeding its 2% target through 2025 and in response has raised interest rates by a combined 2.5 percentage points since July - its fastest pace of monetary tightening on record.
Investment idea: buy 1.0745 and take profit 1.0804.
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