16 June 2023, EUR/USD
EURUSD trading plan:
European Central Bank rate hikes may need to last beyond the summer break, Bundesbank President Joachim Nagel said after the ECB raised rates to a 22-year high of 3.5%. "We still have more ground to cover," he said in a speech after the ECB flagged a July rate hike but made no commitment for subsequent moves. "We may need to keep raising rates after the summer break." He added: "Once we have reached the peak, we will stay there until we are sure of a safe and timely return of inflation to our 2% target." European Central Bank raised borrowing costs and signalled more policy tightening in its fight against sticky inflation, a day after the U.S. Federal Reserve's hawkish pause.
Investment idea: range 1.0925 -1.0990.
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