The Euro (EUR) extended its upward streak during the night, the FX analysts of OCCBC, Frances Cheung and Christopher Wong point out. The pair was for the last time at levels of 1,1732, the FX analysts of OCCBC, Frances Cheung and Christopher Wong point out.
EUR moves to the range of 1.15–1.20 in the coming months
“After months of waiting, the German government finally approved the draft of the budget by 2025, paving the way for a significant increase in defense and infrastructure spending. The defense spending budget is more than doubled to 152.8 billion EUR by 2029.”
“Meanwhile, NATO Member States agreed to a great increase in military spending (5% of GDP). Taken together, they reinforce our opinion that tax policy will boost German growth in the coming years and potentially will have a positive effect on the EUR.
“The daily impulse became slightly bullish while the RSI increased. It is likely that a rupture trade will occur as the EUR moves to the range of 1.15 – 1.20 in the coming months.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
