12 June 2024, EUR/USD
Events to pay attention to today:
15:30 GMT+3. USD - Consumer Price Index
21:00 GMT+3. USD - FOMC Rate Decision
EURUSD:
On Tuesday, the EUR/USD suffered its third consecutive loss as market sentiment deteriorated amid the tense EU parliamentary elections. In the European elections, voters supported centre-right and far-right parties, while left-wing political parties suffered significant losses. This is indicative of EU citizens expressing dissatisfaction with economic instability and the current political tactics of Europe's ruling parties.
With the release of the updated US Consumer Price Index (CPI) data and the Federal Reserve's (Fed) latest rate decision scheduled for Wednesday, market sentiment is experiencing a period of significant volatility as investors anticipate a potential shift in the Fed's ‘dot plot’, or summary of future interest rate expectations. The Federal Reserve is anticipated to maintain its current interest rate stance this week. However, market participants will be closely monitoring the latest dot plot to assess the likelihood of a rate cut in 2024.
Trade recommendation: Trading mainly by Sell orders from the current price level.
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