EUR/USD Targets 1.1100 as Fed and ECB Uncertainty Looms
Updated
As the risk-on sentiment gains strength, EUR/USD is targeting the critical resistance level of 1.1100, while the Federal Reserve is expected to reassess its plan for further rate hikes due to a softening of the US CPI and PPI and a more relaxed labor market. Meanwhile, the European Central Bank is divided over the pace of policy-hiking needed to curb core inflation. The USD Index has been declining, and EUR/USD is on track for its seventh consecutive bullish weekly close. In the early European session, EUR/USD is hovering around 1.1070, with expectations that the currency pair will continue its upward journey towards the round-level resistance of 1.1100. This is due to the US Dollar Index (DXY) struggling to maintain its downside momentum, remaining in the hands of the bears on Thursday, after the Producer Price Index (PPI) report for the United States showed higher-than-expected softening. This has strengthened the need to pause the policy-tightening cycle earlier than previously anticipated.
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