22 April 2024, EUR/USD
EURUSD:
The Euro-dollar pair traded on a stronger note near 1.0665 during the early Asian session on Monday. However, the pair's gains may be limited due to comments from Federal Reserve (Fed) officials suggesting a shift to an increasingly tightening stance. On Tuesday, investors will keep an eye on the preliminary Eurozone HCOB PMI for April, while Friday will see the release of the final US Personal Consumption Expenditure (PCE) price index for March. The European Central Bank (ECB) is expected to leave rates unchanged at its June meeting. The ECB has signaled that markets should expect a cut in interest rates in the near term unless there is a major shock. Meanwhile, Francois Villeroy de Gallo, governor of the Bank of France, said that the ECB should cut rates in June to ensure that rate hikes do not hurt the eurozone economy too much. Joachim Nagel, president of Germany's Bundesbank, said "the probability of a June rate cut is rising," adding that there are caveats, including the risk of higher oil prices.
Trading recommendation: Trade predominantly on Buy from the current price level.
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