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ECB to pause its tightening cycle

ECB to pause its tightening cycle | 24 August 2023

24 August 2023, EUR/USD

ECB to pause its tightening cycle

EURUSD trading plan:

Eurozone consumer confidence fell by 0.9 points in August from the July number, figures released showed. The European Commission said a flash estimate showed euro zone consumer morale decreased to -16.0 this month from -15.1 in July. In the European Union as a whole, consumer sentiment fell by 0.9 points to -17.0. European Central Bank to pause its tightening cycle in September as euro zone business activity contracted much more than expected, pointing to deepening pain for the bloc's stumbling economy. Traders now price in a roughly 40% chance of a 25 bps move in September, down from a more than 50% chance they saw only on Monday. This is a negative signal for the European currency.

Investment idea: sell 1.0900 and take profit 1.0830.

David Johnson
Analyst of «FreshForex» company
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