Potential impact on EUR/USD
While the ECB meeting itself is not expected to significantly impact EUR/USD, other factors could introduce volatility to the currency pair. These include the upcoming Federal Open Market Committee (FOMC) meeting, new economic data releases, and potential political developments in the United States.
The latest US consumer price index (CPI) and payrolls data has firmly revived hopes that the US central bank, the Federal Reserve, will cut rates in September. The news builds on an already-strong rebound from the June low at $1.067 and has taken the price back to the $1.09 zone that marked the peak in May and early June.
A close above $1.092 would sustain the bullish view and open the way to $1.10. For the moment, short-term trendline support from the June low continues to underpin the price. A close below $1.085 might signal some short-term weakness is at hand.
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