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- EUR\/USD climbed to 1.0850 before facing a pullback after Fed rate call.<\/strong><\/li>\n
- FOMC \u201cdot plot\u201d teases less rate cuts in 2024 than previously expected.<\/strong><\/li>\n
- ECB talking points to round out the Euro\u2019s week.<\/strong><\/li>\n<\/ul>\n
EUR\/USD launched higher on Wednesday, climbing after broad-market risk appetite<\/a> surged following a cooler-than-expected print in US Consumer Price Index (CPI) inflation, but a hawkish tilt to the Federal Reserve\u2019s latest update to its dot plot of interest rate expectations crimped market sentiment to round out the day.<\/p>\n
Forex<\/a> Today: US inflation dominates headlines<\/a><\/strong><\/p>\n
According to the Federal Open Market Committee (FOMC) and its Summary of Economic Projections (SEP), only a single quarter-point rate cut is now expected in 2024. Market hopes for Fed rate cuts have steadily clashed with the Federal Reserve\u2019s own rate cut expectations through 2024, and according to the CME\u2019s FedWatch Tool, rate markets are still pricing in over 60% odds of at least a 25 basis-point rate trim on September 18.<\/p>\n
Read more: Jerome Powell comments on rate outlook after keeping policy settings unchanged<\/a><\/strong><\/p>\n
Eurogroup meetings on Thursday and Friday, pan-European Industrial Production figures, and several speeches from European Central Bank<\/a> (ECB) policymakers will wrap up the trading week\u2019s Euro events, while US jobless claims<\/a> and the Michigan Consumer Sentiment Index will provide perspective after the Fed\u2019s latest rate call.<\/p>\n
European Industrial Production figures for April are slated for Thursday, with median market forecasts expecting figures to ease to 0.2% MoM compared to the previous 0.6%. US Initial Jobles Claims for the week ended June 7 are expected later on Thursday, with investors expecting 225K new jobless claimants compared to the previous week\u2019s 229K.<\/p>\n
A handful of speeches from ECB central planners smatter Friday\u2019s economic calendar, and the Univeristy of Michigan\u2019s Consumer Sentiment Index for June is expected to recover to 72.0 from 69.1.<\/p>\n
EUR\/USD technical outlook<\/h2>\n
EUR\/USD is once again mired in congestion at the 200-day Exponential Moving Average (EMA) at 1.0803. Wednesday\u2019s bullish push dragged the pair back into contention with a descending trendline drawn from 2024\u2019s peak bids near 1.1150, but near-term technical resistance is keeping the Fiber<\/a> pinned. The pair has etched in a near-term technical rejection from 1.0850, and the way is open for a bearish return to this week\u2019s low bids near 1.0720.<\/p>\n
EUR\/USD hourly chart<\/h2>\n
EUR\/USD daily chart
![\"\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/EUR_USD-638538304932881689.png\")
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EUR\/USD climbed to 1.0850 before facing a pullback after Fed rate call. FOMC \u201cdot plot\u201d teases less rate cuts in 2024 than previously expected. ECB talking points to round out the Euro\u2019s week. EUR\/USD launched higher on Wednesday, climbing after broad-market risk appetite surged following a cooler-than-expected print in US Consumer Price Index (CPI) inflation, […]<\/p>\n","protected":false},"author":2,"featured_media":6054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,825,433,366,255,250,252,247,253,249,256,254],"class_list":["post-322337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-ecb","tag-eurusd","tag-fed","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/322337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=322337"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/322337\/revisions"}],"predecessor-version":[{"id":322339,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/322337\/revisions\/322339"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/6054"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=322337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=322337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=322337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- FOMC \u201cdot plot\u201d teases less rate cuts in 2024 than previously expected.<\/strong><\/li>\n