EUR/USD appears to be stuck in a narrow range as it gives back the advance following the Federal Reserve interest rate decision. The exchange rate may continue to consolidate over the coming days as a bear-flag formation takes shape.
is little changed from the start of the week even as the Greenback benefits from the deterioration in risk appetite, but fresh data prints coming out of the US may produce headwind for the Dollar as the Consumer Price Index is anticipated to show a slowdown in inflation.
The US CPI is expected to print at 8.1% in April after expanding 8.5% per annum the month prior, and evidence of easing price pressures may keep EUR/USD within a defined range as the data suggests the Federal Reserve’s effort to tame inflation are having the intended impact.
there is a broad sense on the committee that additional 50 basis point increases should be on the table at the next couple of meetings ,” and the diverging paths between the FOMC and European Central Bank may limit the recent recovery in EUR/USD as PresidentIn turn, EUR/USD may face range bound conditions ahead of the next FOMC rate decision on June 15 as a bear flag formation takes shape, but a further recovery in the exchange rate may continue to alleviate the tilt in retail sentiment like the behavior seen during the previous year.
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