14 September 2023, EUR/USD
EURUSD trading plan:
The European Central Bank is set to decide whether to raise its key interest rate to a record peak in what should be its final step in the fight against inflation, or take a break as the economy deteriorates. The central bank for the 20 countries that share the euro faces a dilemma. Even after nine consecutive rate hikes, prices are rising at more than twice its 2% target and are not expected to slow to that level for another two years. Policymakers saw the 2024 projection as crucial to determine whether inflation, currently still above 5%, was heading back to target or risked getting stuck at a higher level for too long. A majority of economists had expected the ECB to hold rates steady this week but with the mood shifting, money markets now assign a 63% chance of a hike, expected to be the last in a cycle that began in July 2022.
Investment idea: sell 1.0751 and take profit 1.0680.
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