Home Economy Bears to Target 1.17 amid Stronger Dollar

Bears to Target 1.17 amid Stronger Dollar

  • EUR/USD remains under selling pressure.
  • Fed’s dovish tone couldn’t help bulls in EUR/USD.
  • Further decline towards the 1.17 region can be expected.

On Friday, the EUR/USD forecast remained inclined to decline all day. The dynamics of EUR/USD were influenced by macroeconomic reports from the Eurozone.

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According to final data from the European statistical agency Eurostat, the consumer price index rose 0.3% in June. As a result, annual inflation in June slowed to 1.9% from 2% a month earlier. The indicators coincided with the forecasts of experts. The core consumer price index (excluding food and energy) was 0.3% m/m and 0.9% y/y, in line with market expectations.

Despite all the efforts of Jerome Powell, who voiced dovish rhetoric in Congress, the Greenback stayed afloat and showed character, strengthening his position throughout the market on…

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