EUR/USD Price Forecast: Weekly Forecast
Gold Price Forecast: $1950 Key Support Approaches as Bears Eye Further Downside
EUR/USD
The Euro appears to be gaining some traction against the Greenback of late. The 1.0700 handle however has proved stubborn with EUR/USD unable to maintain gains once crossing the threshold. Markets continue to remain optimistic that the Fed are done with rate hikes despite mixed messages from Fed Policymakers.
ECB BULLETIN
This morning brought the release of the ECB Economic Bulletin which weighed slightly on the Euro sending EURUSD below the 1.0700 handle. There was not a lot that surprised here with the key takeaways being that the economy is likely to remain weak for the remainder of 2023. The ECB further elaborated that subdued foreign demand and tighter financing conditions are increasingly weighing on investment and consumer spending.
FED POLICYMAKERS
The lack of high impact data has left markets searching for a catalyst this week. Fed policymakers have provided mixed messaging this week and this has resulted in the mixed and choppy price action for the majority of the week. Following hawkish comments from policymakers Kashkari and Bowman, today we heard from Rafael Bostic who struck a more dovish tone.
BRITISH POUND OUTLOOK
We do have comments from ECB President Christine Lagarde and FED Chair Jerome Powell later today. Market participants will be hoping that some clarity will be provided by the respective Central Bank heads ahead of some US data tomorrow.
