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- EUR/USD Is Going to Strike 1.10
EUR/USD Is Going to Strike 1.10
The single currency continues to rally. It is benefiting from a recent retreat in U.S. Treasury yields, from multi-year heights of almost 5% to the levels below 4.5% for 10-year public bonds. This decline is associated with the widely expected rate hike pause by the Federal Reserve. With the lack of new evidence to confirm the case, the crowds strongly believe in it. The Fed fund futures' market is currently pricing in the first rate cut before June 2024, which looks to be quite enough for the EUR/USD to eye the key 1.10 barrier. This is the nearest goal of the bulls, which can be exercised from the technical point of view. Stocks are holding firm after long holidays, which also support further upside moves for the Euro, based on weaker demand for the Greenback as the usual safe-haven asset. Therefore, investors are rather bearish on Treasuries, putting the Dollar under pressure. A temporary return for the Euro to test intraday lows near the 1.09 round figure is still on the table, yet buying these dips would probably be a good idea before an advance towards higher goals.
The U.S. consumer confidence indicator climbed after three straight monthly declines, despite most households anticipating a recession over the next year. It increased to 102.0 from a downwardly revised 99.1 in October. Analyst estimated that the index would rather go down to 101.0 from the previously reported 102.6. As CB data in October originally was even better than now, and today it signalled a possible change in the spending wind direction, then chances for volatile intraday movements rose, with the main vector on the currency market probably unchanged.
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