The European Central Bank (ECB) is set to announce its first interest rate cut since 2019 on Thursday at 12:15 GMT.
The European Central Bank is set to cut interest rates by 25 bps on Thursday. ECB President Christine Lagarde could stick to a data-dependent stance on future rate outlook. The Euro’s fate hinges on the ECB ’s updated forecasts and Lagarde’s speech. The European Central Bank is set to announce its first interest rate cut since 2019 on Thursday at 12:15 GMT. The updated staff economic projections will be published alongside the interest rate announcement.
Dhwani Mehta, FXStreet’s Senior Analyst, offers a brief technical outlook for trading the Euro on the ECB policy announcements: “EUR/USD extends its battle at around the stiff resistance near 1.0890, suggesting that buyers are gathering strength. The 14-day Relative Strength Index holds strongly above the midline, near 60, adding credence to the pair’s upside potential.” “Acceptance above the 1.0950 level is critical to unleashing further upside towards the 1.1000 psychological level.
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