The EUR/USD has moved higher above the 1.1100 level after bouncing back from its lowest point in a week. However, it remains uncertain around 1.1130 during early Monday morning in Europe. The lack of clear direction is evident as the Euro pair defends yesterday's rebound from a horizontal support zone that has been in place for three months, currently ranging from 1.1100 to 1.1090.
This corrective pullback reflects the market's anticipation of today's preliminary readings of the US and Eurozone PMIs for July. Additionally, there is a sense of caution ahead of the European Central Bank (ECB) and Federal Reserve (Fed) monetary policy decisions.
This corrective pullback reflects the market's anticipation of today's preliminary readings of the US and Eurozone PMIs for July. Additionally, there is a sense of caution ahead of the European Central Bank (ECB) and Federal Reserve (Fed) monetary policy decisions.
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European stocks drop as investors brace for the busiest week of the earnings season and a series of central bank policy meetings.
-According to market expectations, the US central bank is unlikely to raise interest again in 2023, and there is a probability of more than 50% to keep borrowing costs unchanged in the upcoming meetings scheduled for September, November and December.
-The Fed had raised interest 10 times in a row since March 2022 to curb inflation before the Bank decided to keep interest at a range between 5% and 5.25% at its last meeting last June.