March 3, 2024 12:25 pm

Euro gains on dollar with eyes on 1.1000, slips against pound By Investing.com



Currency traders have seen the Euro maintain a bullish stance against the US Dollar today, as it continues to target the 1.1000 mark, finding support at the 1.0900 level. However, the European currency has experienced a downturn against the British Pound, reaching a two-week low.

Investor sentiment has been influenced by shifting expectations around the European Central Bank’s monetary policy. Market projections for an ECB interest rate cut have been postponed from April to June, with anticipated cuts now reduced to only 83 basis points.

The FX markets remained relatively stable last week, but upcoming inflation data from both the Eurozone and the United States next week is anticipated to be a significant factor in determining the direction of currency movements. Traders are likely to closely monitor these reports for insights into future central bank actions and their potential impact on currency valuations.

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