Euro Trapped Before Fed Meeting
Gold has recently been restoring its safe-have function, while the U.S. Dollar may return to the list of safe assets too. Both these actions are not expected to occur simultaneously. This will largely depend on traders’ response to the Federal Reserve's (Fed) intention to continue fighting inflation and a potential rate hike decision on March 22. This will be the main market driver next week for the Dollar, while the Euro is likely to be trapped inside of the 1.06-1.08 trading range. The copper/gold price ratio indicates the difficulty the U.S. Fed is facing in fighting inflation by hiking interest rates further after the collapse of Silicon Valley Bank. So, it may prompt a change in EURUSD pricing, but will hardly be enough to send the Euro to the lows of December 2022, or to renew 2023 highs.
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