EURUSD continues to trade in range bound price action.
June 2024's US inflation dropped from 3.3% to 3.0% which is signalling that the Federal Reserve will cut interest rates in the near future. We will find out if this is the case on 31 July 2024.
If the Fed cuts rates, expect the USD to weaken which will allow for the EURUSD to gain some short - mid term strength.
Currently, the US dollar Index (DXY) is facing losses despite strong economic numbers. This gives the EURUSD the opportunity to further its gains.
EURUSD is well correlated with similar pairs such as GBPUSD which is also facing strong gains.
June 2024's US inflation dropped from 3.3% to 3.0% which is signalling that the Federal Reserve will cut interest rates in the near future. We will find out if this is the case on 31 July 2024.
If the Fed cuts rates, expect the USD to weaken which will allow for the EURUSD to gain some short - mid term strength.
Currently, the US dollar Index (DXY) is facing losses despite strong economic numbers. This gives the EURUSD the opportunity to further its gains.
EURUSD is well correlated with similar pairs such as GBPUSD which is also facing strong gains.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.