EUR/USD holds below the 1.0600 mark ahead of ECB rate decision
The post EUR/USD holds below the 1.0600 mark ahead of ECB rate decision appeared on BitcoinEthereumNews.com. EUR/USD loses ground around 1.0586 in the busy week of economic data. Federal Reserve (Fed) Chair Jerome Powell and many Fed officials signaled that rates would be held steady at its November meeting. Market players await the European Central Bank (ECB) meeting on Thursday, with the Deposit Rate likely to remain at 4.00%. The EUR/USD pair turns red during the early Asian session on Monday after retracing from the 1.0600 psychological round mark. Market players await the Eurozone and US data ahead of the European Central Bank (ECB) meeting on Thursday, with no rate change expected. The major pair currently trades around 1.0586, losing 0.07% on the day. According to the economists polled by Reuters, the ECB’s rate hiking cycle is over, but it won’t be until at least July 2024 before it begins easing as the battle against elevated inflation rattles on. Apart from this, the European Union is considering extending an emergency gas price cap imposed in February, amid concerns that the Middle East crisis and sabotage of a Baltic pipeline could push prices up again this winter. The fear of the Eurozone energy crisis could exert some selling pressure on the Euro and act as a headwind for the EUR/USD pair. Additionally, geopolitical tensions in the Middle East continue to hang over the market. Any sign of escalating tensions could see weigh on the riskier currency like the Euro. As the FOMC enters its blackout period, the Federal Reserve (Fed) Chair Jerome Powell and many Fed officials signaled that interest rates would be held steady at its November meeting. The Fed Chair Jerome Powell signaled a desire to pause rate hikes and watch how economic data develops in the coming months. Powell further stated that more monetary policy tightening might be appropriate if there are more indications…
The post EUR/USD holds below the 1.0600 mark ahead of ECB rate decision appeared on BitcoinEthereumNews.com.
EUR/USD loses ground around 1.0586 in the busy week of economic data. Federal Reserve (Fed) Chair Jerome Powell and many Fed officials signaled that rates would be held steady at its November meeting. Market players await the European Central Bank (ECB) meeting on Thursday, with the Deposit Rate likely to remain at 4.00%. The EUR/USD pair turns red during the early Asian session on Monday after retracing from the 1.0600 psychological round mark. Market players await the Eurozone and US data ahead of the European Central Bank (ECB) meeting on Thursday, with no rate change expected. The major pair currently trades around 1.0586, losing 0.07% on the day. According to the economists polled by Reuters, the ECB’s rate hiking cycle is over, but it won’t be until at least July 2024 before it begins easing as the battle against elevated inflation rattles on. Apart from this, the European Union is considering extending an emergency gas price cap imposed in February, amid concerns that the Middle East crisis and sabotage of a Baltic pipeline could push prices up again this winter. The fear of the Eurozone energy crisis could exert some selling pressure on the Euro and act as a headwind for the EUR/USD pair. Additionally, geopolitical tensions in the Middle East continue to hang over the market. Any sign of escalating tensions could see weigh on the riskier currency like the Euro. As the FOMC enters its blackout period, the Federal Reserve (Fed) Chair Jerome Powell and many Fed officials signaled that interest rates would be held steady at its November meeting. The Fed Chair Jerome Powell signaled a desire to pause rate hikes and watch how economic data develops in the coming months. Powell further stated that more monetary policy tightening might be appropriate if there are more indications…
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