Understanding Euro-Dollar dynamics in turbulent markets
16-02-2024
The Euro fell from a two-day high as the recent US producer-side inflation hinted the Fed will tighten its monetary policy further. The Greenback, meanwhile, gained momentum as interest rate traders set out to adjust to the Fed’s projected three rate cuts by 2024. Today’s trading session saw EUR/USD fall to a low of 1.0732.
However, the currency soon found support and began showing slight signs of recovery. While writing, the EUR/USD pair trades at 1.0775.