13 February 2023, EUR/USD
EURUSD trading plan:
The European Central Bank must still raise interest rates significantly as broad disinflation has not yet started, even if overall price growth has been declining quickly, ECB board member Isabel Schnabel said. The ECB has raised interest rates by 3 percentage points since July and promised a 50 basis-point hike for March, and Schnabel would not rule out another 50 basis-point move in May as well. "We need to stay the course and raise rates significantly further," Schnabel said. "We need to see robust evidence that underlying inflation is returning to our target." When asked if that could mean 50 basis points in May as well, she said this would depend on incoming data.
Investment idea: buy 1.0665 and take profit 1.0770.
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