$EURUSD Forex Signal: Bullish Momentum Gains Steam Ahead of Fed
It rose to 1.0675, the highest point since June 9, which was about 11% above the year-to-date low. Focus now shifts to the upcoming Federal Reserve decision.soared after the US published soft inflation data. As it rose, America’s Treasury Yields slipped while stocks staged a strong rally. According to the statistics agency, headline inflation dropped to 7.1% while core CPI fell to 6.0%.
If this happens, the Fed will have hiked by 450 basis points in 2022, the biggest increase in decades. This increase will bring the official cash rate to 4.50%, the highest level in more than 14 years.Like other central banks, the ECB has been in a tightening phase in a bid to contain inflation. Still, analysts at ING believe that the current EUR/USD rebound is a short squeeze as the market waits for a soft landing in 2023. It expects that the Fed will hike rates to 5% while the ECB will peak at 2.25% and then pause.
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