Federal Reserve is likely to turn more dovish this week and open up the possibility of a rate cut. I think they still need more data to justify a rate cut. Another jobs report alone the lines of the May report would go a long way toward supporting that cut in July.
However, Trump with his tweets against the ECB president is trying to push the Fed to be more accommodating on monetary policy.
According to my macroeconomic view, a rate cut is very unlikely, so the market has already discounted the unchanged rate at 2.5%, a dovish policy could lead the euro to test the 1.13 wall in the short run.
As for the technical analysis, the violation of the bearish trend line will confirm both the upside divergence and the LONG entry.
Cheers,
Andrea
However, Trump with his tweets against the ECB president is trying to push the Fed to be more accommodating on monetary policy.
According to my macroeconomic view, a rate cut is very unlikely, so the market has already discounted the unchanged rate at 2.5%, a dovish policy could lead the euro to test the 1.13 wall in the short run.
As for the technical analysis, the violation of the bearish trend line will confirm both the upside divergence and the LONG entry.
Cheers,
Andrea
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