07 June 2023, EUR/USD
EURUSD trading plan:
Euro zone consumers lowered their inflation expectations, a fresh European Central Bank fresh survey showed, a relief for policymakers after an unexpected surge a month earlier, even if underlying price growth is still likely to be stubborn. The ECB has raised interest rates by a combined 375 basis points over the past year to arrest runaway price growth and it could still take until 2025 for inflation to slow back to its 2% target as rapid wage growth and robust demand for services keep pressure on prices. Because inflation was high for a long period, underlying inflationary pressures have built up. The ECB's June rate hike, considered a done deal by most, needs to be followed up by another move in July for inflation to be fully under control.
Investment idea: buy 1.0666 and take profit 1.0740.
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