Following new eight-month lows around 1.0490, the Euro (EUR) now manages to gather some fresh upside traction against the US Dollar (USD), encouraging
despite inflation levels staying well above the bank's target and growing worries about a possible recession.EurozoneAcross the ocean, investors are expected to closely follow the release of the final prints of the Q2 GDP, followed by the usual weekly Initial Jobless Claims and speeches by Chicago Fed President Austan Goolsbee and FOMC Governor Lisa Cook. In addition, Chair Daily digest market movers: Euro shows some signs of life around 1.
When considering potential resistance levels, there is a minor obstacle at the September 12 high of 1.0767, and a more substantial barrier at the 200-day Simple Moving Average at 1.0828. If the pair manages to surpass this level, it could open the path for further recovery, targeting the temporary 55-day SMA at 1.0865, with the potential to reach the August 30 high of 1.0945. Exceeding this level might shift the focus towards the psychological 1.1000 hurdle, ahead of the August 10 peak of 1.
The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall.
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