We expect 1.12-1.15 for EURUSD up to 4th of May 2023
The EUR/USD is entering a higher trading range thanks to central banks stimulating this move. On Friday morning, quotes reached $1.1074 for the common currency, the highest since April 1, 2022.
Traders have returned to pricing that implies more aggressive rate hikes by the European Central Bank relative to the Federal Reserve, which also previously helped strengthen the euro in Q4 2022. ECB Governing Council member Robert Holzman said that the European Central Bank should be expected to raise rates by about 50 bp.
Now that the 1.10 level has been broken upwards, the upward momentum is likely to continue until the next ECB meeting on May 4, and the Fed will announce its decision on rates a day earlier. Traders will consider the 1.12-1.15 zone as a likely target for the established upward movement in the euro/dollar pair. A move of this magnitude would be similar to the bull run that lasted from October to December last year.
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