Euro price prediction: From the level of $1.0600, the euro gained 0.38% and tested $1.0640
Euro price prediction: From the level of $1.0600, the euro gained 0.38% and tested $1.0640
Yesterday, bears tried to push the euro below the $1.0600 level against the US dollar but failed. The liquidation of short positions in the pair continues, albeit at a modest pace, which did not prevent the bulls from pushing the pair up 0.38% from $1.0600 to $1.0640.
The U.S. PPI (Producer Price Index) rose but did not become a reason for the resumption of dollar buying. The minutes of the last FOMC meeting showed that officials are divided in their opinions: some believe that the cycle of interest rate hikes is already over, others allow for another hike, and amid this uncertainty, the dollar continues to remain under pressure.
Today will see the release of consumer inflation data from the U.S., which will be accompanied by a spike in volatility. An acceleration in inflation will support the dollar, but a significant fall in the euro is unlikely, and if it slows, it may continue to grow towards $1.0660-1.0670.
Source: Euro (EUR) price prediction.
