21 March 2024, EUR/USD
An event to watch out for today:
11:00. EUR - Composite PMI
14:30. USD - Unemployment Claims
15:45. USD - Composite PMI
EURUSD:
EUR/USD continues to rise for the second consecutive session as the US Federal Reserve (Fed) kept the benchmark rate at 5.5% during Wednesday's meeting. The pair rises to 1.0930 during Asian trading on Thursday.
In the press conference following the meeting, remarks by Federal Reserve (Fed) Chairman Jerome Powell further weighed on the dollar. Powell emphasized that while inflation is showing signs of slowing, the persistent nature of rising prices remains a major challenge that the Fed cannot ignore.
Investor sentiment reflects expectations for further easing in 2024, even though the Federal Open Market Committee (FOMC) is forecasting stronger growth in 2024 and 2025 than originally anticipated. Notably, the dot plot of FOMC interest rate expectations also shows growth in the long tail of the curve. The rate is projected to be around 3.1% at the end of 2026, up from the previous forecast of 2.9%.
On the European front, European Central Bank (ECB) President Christine Lagarde emphasized concerns about falling wage inflation, a factor previously emphasized by the ECB as key in determining future policy decisions.
Trading recommendation: Buy orders from the current price level
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