20 July 2023, EUR/USD
EURUSD trading plan:
Inflation in the euro zone has almost halved, down to 5.5% in June from a peak of 10.6% last October, but that has not been enough to deter the ECB, which said inflation was "projected to remain too high for too long" and it had "more ground to cover". After eight consecutive rate rises since July 2022 for a total of 400 basis points, investors are now hotly debating how many more hikes are needed and how long rates will have to stay high to bring inflation to the 2% target. Broadly hawkish commentary from the central bank has solidified views rate cuts would not be coming anytime soon. Over 90%, 55 of 61 economists saw no cuts until at least end-Q1.
Investment idea: range 1.1160 -1.1260
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