💡 EURUSD: Will it maintain its position?

Stone_Haven Updated   
OANDA:EURUSD   Euro / U.S. Dollar
➡️ Currency traders observed the Euro maintaining its bullish position against the US Dollar today, persistently aiming for the 1.1000 mark and finding support at 1.0900. However, the Euro faced a decline against the British Pound, reaching a two-week low.

➡️ Changes in investor sentiment can be attributed to evolving expectations regarding the monetary policy of the European Central Bank. The anticipated ECB rate cut, initially projected for April, has been pushed back to June, with the expected cut now scaled down to 83 basis points.

While the forex markets showed relative stability last week, upcoming inflation data from both the Eurozone and the United States in the following week is anticipated to play a pivotal role in determining the trajectory of currency movements. Traders are advised to closely track these reports for insights into potential future central bank actions and their likely impact on currency valuations.
ING Bank believes that the euro area is not yet in a deep recession but the economic recovery will be inconsistent. Eurozone November PMI data showed economic activity increased slightly but remained in contraction territory. Inflationary pressures are decreasing but have not been completely eliminated, and the employment outlook continues to deteriorate. The current recession hasn't gotten any worse, but there are few signs of recovery. Overall, this appears to be a technical recession.

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