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EUR/USD rose to 1.0850, but faced a pullback after the Fed's rate decision

EUR/USD rose to 1.0850, but faced a pullback after the Fed's rate decision | 13 June 2024

13 June 2024, EUR/USD

EUR/USD rose to 1.0850, but faced a pullback after the Fed's rate decision

Event to pay attention to today:

15:30 GMT+3. USD - Producer Price Index

EURUSD:

On Wednesday, the EUR/USD exchange rate began the day at a higher level, rising in response to a general increase in market risk appetite following the release of US Consumer Price Index (CPI) inflation data that fell below expectations. However, the latest update to the Federal Reserve's (Fed) dot plot of interest rate expectations, which was perceived as being more aggressive than expected, led to a decline in market sentiment by the end of the day.

According to the Federal Open Market Committee (FOMC) and its Summary of Economic Projections (SEP), only one quarter-point rate cut is expected in 2024. Market expectations of a Federal Reserve interest rate cut have consistently diverged from the central bank's own projections. According to CME's FedWatch tool, the probability of a 25 basis point rate cut on 18 September remains above 60%.

Trade recommendation: Trading mainly by Sell orders from the current price level.

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

David Johnson
Analyst of «FreshForex» company
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