The Euro tumbled across the board after the European Central Bank’s 25 basis points rate hike. Markets perceive it as the final hike. On the other sid
The ECB delivered a 25 basis point rate hike. Some analysts expected a pause, and as Lagarde mentioned, some members of the Governing Council also preferred that. However, the interest rate hike did not boost the Euro; instead, it fell sharply on expectations that it would be the last one.
ECB President Lagarde will speak again on Friday in Spain at the Eurogroup meeting. After the post-meeting press conference, there appears to be nothing left to say. Eurostat will release Q2 Labor Costs and Trade Balance. Also due is the German Wholesale Price Index. that showed a larger-than-expected increase in the Producer Price Index in August, along with an upbeat retail sales report. US yields edged higher, supporting the Dollar, partially offset by risk appetite.rate hike.
On the 4-hour chart, technical indicators show oversold readings, with the Relative Strength Index below 30. However, no signs of consolidation are yet visualized. The immediate resistance is at 1.0655, followed by 1.0680. If the pair manages to stabilize, it will likely be in a range between 1.0630 and 1.0655.
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