The EUR/USD it has come to quote up to 1.02. A break above this value would open a move towards 1.0370, they report. BBH economists.
The European Central Bank maintains its aggressive stance
“A clear break above 1.02 would allow the 10th Aug high near 1.0370 to be tested.”
“ECB officials are sticking to the aggressive message. Taking a lesson from the Fed, the bank is trying to stick to the message and so far, markets like it. Despite these comments, we believe nothing has fundamentally changed. We believe that the ECB’s baseline forecast of no recession is too optimistic and that a recession will eventually prevent the ECB from raising rates so aggressively.That said, no one should stand in the way of this move, which is also being exaggerated by the bias in positions ahead of the ECB meeting”.
Source: Fx Street
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