1.158
Today
-0.14%
5 Days
-0.84%
1 Month
+0.36%
6 Months
-1.97%
Year to Date
-1.44%
1 Year
-1.16%
Opening Price
1.159Previous Closing Price
1.159The Euro (EUR) is trading lower against the US Dollar (USD) for the second consecutive day on Wednesday, weighed by risk aversion amid growing tensions in the Middle East, while rising bets of Federal Reserve (Fed) interest rate hikes support speculative demand for the US Dollar.
Commerzbank’s Antje Praefcke notes that markets are fully pricing an European Central Bank (ECB) rate hike next week after Euro Area inflation rose to 3.3%, but she doubts further tightening beyond September as projections show inflation declining into 2027.
Danske Research Team notes that EUR/USD slipped below 1.1600 as the US Dollar strengthened on a hawkish Federal Reserve stance and geopolitical tensions. The team highlights that Euro area inflation has moved back above 3%, reinforcing expectations for a September ECB rate hike.
The EUR/USD pair loses traction to near 1.1575 during the early European session on Wednesday. The US Dollar (USD) strengthens against the Euro (EUR) amid hawkish Federal Reserve (Fed) stance and escalating Middle East geopolitical tensions.
The shared currency edges lower, capped by the 200-day Simple Moving Average (SMA) at 1.1633, amid rising geopolitical tensions and escalating hostilities between the US and Iran, prompting investors to buy the US Dollar. At the time of writing, the EUR/USD trades at 1.1590, down 0.25%.
The US Dollar (USD) has managed to leave behind the negative start to the week and regained balance on Tuesday. The recovery has come on the back of a generalised recovery in US Treasury yields and ongoing tensions in the geopolitical landscape.
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The downside prevails as long as 1.1614 is resistance, with 1.1562 and 1.1548 as targets
above 1.1614, look for 1.1636 and 1.1650.
The downside prevails as long as 1.1614 is resistance, with 1.1562 and 1.1548 as targets
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