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The Euro was the strongest performer at the start of the week, with the EURUSD gaining over 1.30 percent intraday. Continued weakness in the US dollar helped boost the single market currency, extending its gains for a seventh consecutive Trading session. The pair has now appreciated almost 3 percent in the past two weeks.
The main catalyst behind the surge today was the newfound certainty that the US Federal Reserve will be cutting its target interest rate down to 1 - 1.25 percent in the near future. Monetary policy analysts are expecting a rate cut to be announced during the March 18th meeting. Market participants have begun pricing in this forecast, sending the US dollar tumbling. The dollar index (DXY) has shed over a percentage point in the previous 2 Trading sessions.
US Fed chairman Powell signaled his intent to counter the impact of the coronavirus on the US economy by acting ‘as appropriate’, in other words modifying monetary policy. On the other hand, the EU central bank‘s vice president de Guidos has stated that the ECB’s response will be a fiscal one. Prompting investors to opt for a carry trade into the euro. Although depending on how the virus situation plays out, the ECB may be forced to change its stANCe.
(Chart Source: Tradingview 02.03.2020)
(Chart Source: CME 02.03.2020)
From a technical perspective, the EURUSD climbed above the 1.10 psychological mark without any signs of losing steam. The ease with which it crossed over stirred up investor demand, sending the pair further higher to test the 1.117 resistANCe point. With the RSI skyrocketing into overbought conditions, a short-term correction is likely to occur. However, bulls may attempt a final effort to push towards the 1.12 level, corresponding to December 2019 highs. At that point, sellers will most likely resurface and take back control. The current downside target should be the resistANCe turned support level at 1.10.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：EURUSD Boosted on Fed Statement
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