EURO DOLLAR TODAY

EURO DOLLAR TODAY

EURO DOLLAR TODAY

EURO DOLLAR TODAY

Investors are focused on FED Speeches on Wednesday and they are expecting hawkish statements that will support DXY Rise. As a result of these expectations we see declines in EUR.  On a technical basis the first resistance on a rise is 1.0617 and first support is 1.0345 Level.

The dollar index rose above 104.5 on Wednesday, recouping some losses from previous sessions and inching towards a 20-year high reached last week as expectations that the Federal Reserve will continue to aggressively tighten monetary settings supported the currency. The US central bank raised its benchmark interest rate by 75 basis points last week, the largest increase since 1994, as it seeks to bring inflation under control. Investors are now awaiting Fed Chair Jerome Powell’s appearance before Congress on Wednesday and Thursday for fresh insight on the central bank’s future policy plans. Analysts expect the Fed to deliver another 75 basis point rate hike in July, followed by a 50 basis point increase in September. The dollar also benefited from safe-haven inflows spurred by fears of a global economic slowdown.

Stock futures contracts tied to the major indices were down on Wednesday, putting Europe on track to snap a three-day rally amid persistent concerns that rising inflation and higher interest rates will drag the bloc’s economy into a recession. On the data front, UK inflation hit 9.1% from a year earlier in May 2022, the highest since 1982, as skyrocketing food and energy prices continue to deepen the country’s cost of living crisis.

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