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EUR/USD Is Anticipated To Fall Below 1.0950 Due To Market Optimism Regarding US Economic Prospects

Daniel Rogers

Apr 20, 2023 13:54

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The EUR/USD pair is expected to decline drastically below the near-term support level of 1.0950 during the Asian session. The major currency pair is attracting bids as the US Dollar Index (DXY) has shown a recovery move and surpassed the 102.00 level of resistance.

 

S&P500 futures have extended their losses during the Asian session in anticipation of the Federal Reserve's (Fed) decision to raise interest rates, which could undermine revenue guidance.

 

According to the Federal Reserve's (Fed) Beige Book minutes, economic activity is stable in the majority of districts. However, loans and advances to businesses and consumers have decreased due to stringent credit conditions imposed by commercial banks in the United States in order to prevent uncertainty in an unstable environment.

 

In the interim, Fed policymakers remain optimistic regarding the economic prognosis due to the labor market's tightness. As reported by Reuters, the president of the Federal Reserve Bank of St. Louis, James Bullard, advocated for the continuation of the central bank's policy tightening in view of the continued strength of labor market data. A Fed official added that the demand for labor has not yet diminished and that a robust labor market results in robust consumer spending.

 

Citi Group forecasts a fourth-quarter recession in the US economy due to the constrained US labor market. Previously, it was anticipated that the United States would enter a recession during the third quarter of 2023.

 

Investors are anticipating the release of Eurozone Consumer Confidence data. Preliminary Consumer Confidence (April) data is anticipated to improve from -19.2 to -18.5. This may be the result of persistently declining inflation in the Eurozone, which reduces the burden on households.


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