- The dollar with mixed results on Thursday after Fed minutes.
- The euro adds to the general consolidation.
- EUR/USD between 1.0140 and 1.0200.
EUR/USD is trading flat from Wednesday’s close. Since the American session on Tuesday, the pair has been trading sideways between 1.0140 and 1.0200. The financial markets on Thursday do not present significant variations, contributing to the stability of the pair.
Should it break above 1.0200, the EUR/USD could gain momentum to extend the rally. The next resistance is at 1.0240/45. In the opposite direction, below 1.0140, the focus will turn to the bottom of the last two weeks at 1.0120.
Consolidation in the markets
The dollar presents mixed results on Thursday. DXY falls 0.05%. The financial markets are moving without a clear direction, which contributes to the continuation of a range in the EUR/USD.
On Thursday, the Eurozone’s record inflation reading for July of 8.9% was confirmed. On Wednesday in the UK it had exceeded 10% for the first time in 40 years. Inflation remains the key. Martins Kazaks stated that the European Central Bank will continue to raise rates to curb inflation. The Federal Reserve minutes showed the need to continue raising interest rates, although the pace, or to what extent, is not clear.
In minutes in the US data will be published unemployment benefit applications and the Philly Fed survey; later it will be the turn of the report on the sale of existing homes. Also speaking in public are Esther George, from the Kansas Fed, and Neel Kashkari, from the Minneapolis Fed.
Technical levels
Source: Fx Street
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