Euro holds firm against dollar as markets digest Fed’s high-rate stance
2023.11.21 15:59
© Reuters.
The Euro has maintained its bullish stance against the US Dollar, staying above key moving averages despite a brief retraction from its weekly high. Market participants have been closely monitoring the currency pair after the Federal Reserve released its Meeting Minutes, which reinforced the central bank’s commitment to maintaining a high-rate policy to combat inflation expectations. The pair tested the critical level of 1.0900 following the release, but market reaction remained subdued.
Investors are now looking ahead to Wednesday’s economic data releases for further direction. The upcoming figures include:
- US Jobless Claims, which are expected to show a slight decrease to 225,000.
- EU Consumer Confidence, which is anticipated to improve slightly from -17.9.
- US Michigan Consumer Sentiment Index, predicted to see minor growth from its last reading of 60.4.
- US Durable Goods Orders, forecasted to decline by -3.1% after a previous robust gain of 4.6%, with Inflation Expectations projected to hold at 3.2%.
As market players assess these indicators and forecasts, the Euro’s performance will continue to be influenced by economic data releases and central bank policy decisions in both Europe and the United States.
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