EUR/USD today: the euro awaiting the ECB meeting

The EUR/USD pair from the start of the day has restrained steadily, which coincided with the growth of pessimistic sentiment in the market and the strengthening of safe haven assets. The growth of the euro against the US dollar was also strengthened by the correction after the decline and the expectation of the ECB meeting.

Events for today:

• 14:45 – the ECB meeting results will be released: deposit funds rate (September), the ECB margin lending rate, the ECB monetary policy statement and interest rate  decision (September).
• 15:30 – the US inflation report will be released: core consumer price index (CPI) (y/y) (Aug), core consumer price index (CPI) (m/m) (Aug), consumer price index (CPI) (m/m) (Aug) and  initial jobless claims.
• 15:30 – ECB President Draghi will speak
• 21:00 – a report on the implementation of the US federal budget (Aug) will be published.

Today is a very eventful day. The main event of the day remains the results of the ECB meeting and the subsequent press conference, from which hints on the monetary policy of the eurozone will be expected. Also it worth to note the US inflation report, which has a significant impact on the dynamics of the US currency.

The EUR/USD pair shows an upward movement on the correction, while maintaining general downtrends. Euro volatility growth is expected at the publication of the results of the ECB meeting and press conference. Significant resistance for today is located at the levels: 1.1030, 1.1050 and 1.1080, support: 1.1000, 10950 and 1.0920.

Read also: “The main reasons for the weakening US dollar.
Fed rate cuts“

Hanzenko Anton

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