The EUR/USD pair failed to maintain its recovery on Wednesday, closing slightly lower. As the pair consolidates above 1.1000, investors are eagerly anticipating the European Central Bank’s (ECB) policy announcements and upcoming US economic data releases.
Euro Price This Week
The table below illustrates the percentage change of the Euro (EUR) against major currencies for the current week. Notably, the Euro performed weakest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.63% | 0.61% | 0.23% | 0.05% | -0.08% | 0.65% | 1.19% | |
| EUR | -0.63% | -0.07% | -0.36% | -0.57% | -0.76% | 0.04% | 0.54% | |
| GBP | -0.61% | 0.07% | -1.44% | -0.51% | -0.69% | 0.09% | 0.60% | |
| JPY | -0.23% | 0.36% | 1.44% | -0.19% | -0.29% | 0.42% | 1.14% | |
| CAD | -0.05% | 0.57% | 0.51% | 0.19% | -0.08% | 0.59% | 1.30% | |
| AUD | 0.08% | 0.76% | 0.69% | 0.29% | 0.08% | 0.78% | 1.27% | |
| NZD | -0.65% | -0.04% | -0.09% | -0.42% | -0.59% | -0.78% | 0.52% | |
| CHF | -1.19% | -0.54% | -0.60% | -1.14% | -1.30% | -1.27% | -0.52% |
The US Dollar (USD) remained strong following a mixed inflation report, with the core CPI exceeding market expectations. The ECB is anticipated to lower key rates by 25 basis points, with markets closely watching ECB President Christine Lagarde’s comments for hints at future policy adjustments. Additionally, upcoming US data releases may have a short-lived impact on the USD’s valuation.
EUR/USD Technical Analysis
EUR/USD is currently bearish in the near term, with immediate support levels at 1.1010-1.1000 and further support at 1.0940 and 1.0900. On the upside, resistance levels are at 1.1040, 1.1060, and 1.1100.
ECB FAQs
For those unfamiliar, the European Central Bank (ECB) plays a crucial role in setting interest rates and managing monetary policy for the Eurozone. The ECB’s primary mandate is to maintain price stability, often achieved through interest rate adjustments. In extreme cases, the ECB may implement Quantitative Easing (QE) or Quantitative Tightening (QT) to stimulate or cool down the economy, respectively.