The EUR/USD pair kicks off the new week on a positive note and reverses a part of Friday's losses to a one-week low – levels just below the 1.0500 psy
EUR/USD gains some positive traction on Monday and is supported by subdued USD price action. Bets for at least one more Fed rate hike in 2023 act as a tailwind for the USD and should cap the pair. Expectations that the ECB is done hiking rates might also hold back bulls from placing aggressive bets. chological mark. Spot prices, for now, seem to have snapped a two-day losing streak, though the lack of follow-through warrants some caution before positioning for any further appreciating move.
In fact, the ECB signalled in September that the hike, its 10th in a 14-month-long fight against inflation, was likely to be its last. Adding to this, ECB policymakers expressed cautious optimism last week that inflation was on its way back to 2% even without more rate hikes.
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