14 March 2024, EUR/USD
Events to watch out for today:
14:30 EET USD - Change in retail trade volume
16:30 EET USD - Change in natural gas reserves
EURUSD:
The Eurodollar is near 1.0950 during Thursday's Asian session, trying to maintain the gains of the previous session. EUR/USD gained momentum as the US dollar tried to maintain its strength despite rising US Treasury yields, spurred by positive inflation data. Today, market participants are looking forward to the release of the Producer Price Index (PPI) and US retail sales data.
Expectations are rising that the European Central Bank (ECB) will cut borrowing costs in June, potentially weakening the Euro. ECB chief Francois Villeroy de Gallo said on Wednesday that a rate cut in the spring remains likely, emphasizing his vigilance on inflation and expressing confidence in an early victory over the current economic problems.
ECB member Martins Cazacs added that if the eurozone economy is in line with the ECB's forecasts, a decision to start cutting interest rates could be taken at upcoming meetings. ECB board members Frank Elderson and Isabel Schnabel are scheduled to speak at a contact group meeting on money markets in Frankfurt, Germany.
Market participants are maintaining bets that the U.S. Federal Reserve (Fed) will cut interest rates in June with a 67.2% probability, according to CME's FedWatch tool. U.S. Treasury Secretary Janet Louise Yellen noted that a return of interest rates to pre-crisis levels seems unlikely. She also noted that the interest rate projections outlined in President Biden's budget plan are considered "reasonable" and in line with a wide range of forecasts.
Trading recommendation: Trade buy orders when reaching from the price level of 1.0955. Sell at the price level of 1.0915.
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