19 June 2023, EUR/USD
EURUSD trading plan:
The European Central Bank risks losing sight of corporate profits as a driver of inflation by zeroing in on wage growth which still lags far behind prices. The renewed focus on the labour market - on which policymakers "spent a lot of time" at their two-day meeting, Lagarde said - marked a pivot back for the ECB, which had been giving more prominence to the issue of high corporate margins in recent communication. It also rang alarm bells for economists worried that the ECB was calling for workers to continue to bear the cost of higher prices while downplaying the fact that companies were making bumper profits thanks to a lack of vigorous competition.
Investment idea: range 1.0875 -1.0975.
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