EUR/USD drops from 0.9880, upside remain favored amid hawkish ECB bets – by Sagar_Dua24 EURUSD RiskAppetite DollarIndex Fed ECB
The risk-on profile is intact as S&P500 futures are stuck to their extended gains.pair has witnessed selling pressure after multiple failed attempts of overstepping the critical hurdle of 0.9880. The asset has not turned bearish yet as the risk profile is extremely cheerful. This could be merely a healthy correction in the asset’s upside journey.
The euro bulls are expected to turn traction toward the north amid soaring bets for European Central Bank ’s hawkish monetary policy. Reuters poll on ECB’s rate hike extent states thatwill step up the interest rates by 75 basis points on October 27. European Harmonized Index of Consumer Prices trades five times higher than the targeted rate of 2%. Therefore, efficiency in policy tightening is required to contain mounting inflation.
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