EUR/USD continued its downward trend on Thursday, reaching fresh two-month lows near the 1.0800 neighbourhood and extending the recent break below the critical 200-day Simple Moving Average (SMA) at 1.0872.
EUR/USD retreated to new lows and approached the 1.0800 region. Further gains lifted the US Dollar to new two-month peaks. The ECB reduced its policy rate by 25 basis points, as widely expected. EUR/USD continued its downward trend on Thursday, reaching fresh two-month lows near the 1.0800 neighbourhood and extending the recent break below the critical 200-day Simple Moving Average at 1.0872. Meanwhile, the US Dollar remained strong, sending the U.S. Dollar Index closer to the 104.
5B per month by ceasing full reinvestments of maturing securities, despite weaker-than-expected economic activity and elevated domestic inflation. Later, President Christine Lagarde reported weaker-than-expected economic activity and sluggish growth, with household spending recovery but downside growth risks. She added that domestic inflation remains strong but is expected to reach target by 2025. Although not foreseeing a Eurozone recession, Lagarde anticipates a soft landing for the economy.
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