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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Fluctuating EURO 2022 1115
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The rising currency pair EUR/USD retreated as the week began.
It fell to near the parity, supporting line. It seems that the euro recover the price above 1.0290 though the EUR/USD step down below the parity in the short term.
The pair may try to exceed 1.038x. It can keep the bullish trend if it succeeds. But the dollar gains if not.
Gjallarhorn thinks euro's fall might be restrained above 1.0090 while the dollar keeps the upward trend.
The euro broke through the 20 moving average at once and reached the upper band of the Bollinger Bands in the weekly chart.
The euro is in correction and retreats below the upper band. But we need to look the momentum which broke through the 20 moving average.
The dollar is still bullish. But its power isn't strong as it before. The euro saves the energy of surging.
The Dollar Index tracking the dollar against its six peers rose 0.61 percent for a week to 106.943 last week.
Christine Lagarde, the president of the European Central Bank supported the interest hike of the euro but it less effected. She spoke the inflation in Eurozone was high at a Europe banks meeting. But the euro wasn't supported sufficiently, last week.
The dollar was supported by the hawkish Fed members.
Susan M. Collins, president of the Federal Reserve Bank of Boston said the giant step is on the table in the FOMC meeting in December.
James Bullard, president of the Federal Reserve Bank of St. Louis has led the bullish dollar saying the U.S. benchmark interest rate should be kept on from five to seven percent.
Neel Kashkari, president of Federal Reserve Bank of Minneapolis has spoken the Fed should hike the interest rate till the inflation definitely cease. He said the Fed's goal is to control the inflation, too.
The hawkish member of the Fed, Christoper Waller had spoken the Fed might hike 50 bp on December meeting or later supporting the hawkish stance at the UBS AG Conference in Sydney, Australia. He said the Fed's rate-hike weren't completed yet though the inflation pressure was eased somewhat.
He said, the interest rate would be kept high till the inflation reached the goal, 2 percent.
The FOMC meeting minutes is released on Wednesday. The market participants expect the Fed will lead the greenback this week.
But the dollar didn't rallied last week, as some participants analyse the inflation risk in the United States reached the peak. They expect the Fed might ease the tightening tension somewhat.
The PPI in October rose 0.2 percent below the expectation 0.4 percent. The CPI has risen seven percent. These releases supported the possibility of the Fed's tightening pace slowing.
But the U.S. bond yield was still bullish and supported the dollar.
The Forex watchers anticipate the bullish dollar due to the hawkish Fed members' stance.
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