Euro clings to the 1.0800 region in pre-ECB trading – by pabspiovano EURUSD Currencies Majors ECB
Daily digest market movers: Euro looks at ECB for near-term direction
A sustained decline in the Greenback does not appear to be a done deal following the FOMC event on Wednesday and in light of the"live" meeting expected on July 26. Indeed, the Committee intends to resume raising interest rates, possibly as early as July. Furthermore, Jerome Powell indicated that a significant majority of the FOMC members are anticipating further tightening, and there were no objections.
Data releases across the Atlantic could see Retail Sales cooling further, a worsening of the key Philly Fed Manufacturing Index and further loss of momentum in the labour market as per weekly Initial Jobless Claims, all suggesting the existence of cracks in the so-far resilient US economy.Euro needs to quickly surpass the so-far June top at 1.0864 to see gains accelerate and open the door to a rapid test of the temporary 55-day SMA at 1.0876.
The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall.
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