Another auspicious week saw EUR/USD trade with decent gains and extend its positive streak for the third consecutive week, including a visit to the key 1.0900 region for the first time since early June.
EUR/USD finally revisited the 1.0900 region, printing multi-week highs. The Fed is now seen cutting rates twice in H2 2024. The ECB is predicted to keep its rates unchanged on July 18. It was all about the Fed and US data The firm weekly performance of the European currency and most of the risk-linked galaxy came in response to the marked deterioration of the Dollar’s outlook.
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. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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