The key $EURUSD news for Tuesday will be from Europe. Eurostat will publish the latest flash consumer inflation data for April. FOREX TRADING SIGNAL
The biggest news this week is the collapse of First Republic Bank, the second-biggest bank failure in the US after Washington Mutual. The company was seized by the FDIC on Monday and then sold to JP Morgan, the biggest bank in the US.
Worse, analysts believe that some more regional banks could collapse in the coming months. A key reason for this is that many of them have an exposure to the commercial real estate sector which is going through a rough patch. The sector is struggling with high-interest rates, low occupancy rates, and an upcoming wave of maturities.will embrace a cautious tone in this week’s meeting. It could do that by leaving interest rates unchanged or by hiking rates by 0.
The key EUR/USD news for Tuesday will be from Europe. Eurostat will publish the latest flash consumer inflation data for April. Economists expect these numbers to show that the headline consumer price index rose to 7.0% in April while core CPI remained unchanged at 5.7%. These numbers will come as the ECB prepares another rate hike for Thursday.The EUR/USD pair moved downwards as focus remained solidly on the upcoming Fed and ECB decisions. It failed to move above the key resistance point at 1.
This is a sign that bulls are struggling to retest the upper side of the channel. It has also moved to the 23.6% Fibonacci Retracement level. Therefore, there is a likelihood that the pair will have a bearish breakout as sellers target the 38.2% Fibonacci retracement point at 1.0880.
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