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Old 05-09-2023, 10:25
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Default EUR/USD Tests Key Support Level as Focus Shifts to ECB and Economic Data

The EUR/USD currency pair is in a bit of a sticky situation. Itís currently hanging around the 1.0780 level, which is pretty important. Itís been at this level for about 5.5 months. Recently, there was a tiny bounce, but that excitement didnít last long. Why? Well, the European Central Bank (ECB) folks didnít drop any hints that theyíre going to be super aggressive with their money moves. On the flip side, the US Dollar is flexing its muscles because of changes in interest rates and some big money events coming up in Europe and the US.

Philip Lane, whoís the big shot economist at the ECB, said that inflation data for August wasnít looking so hot. But he also said we should chill a bit and wait for more data before we go making any big decisions. The ECB President, Christine Lagarde, is also all about keeping our expectations for inflation in check. Other bigwigs at the ECB think the same way.

Now, over in the US, things are looking up. The US job numbers (Nonfarm Payrolls) and what Moodyís thinks about US growth have people thinking that the US might get more serious about its money game. Thatís been giving the Euro a hard time. Plus, folks in the market arenít completely sold on what China is doing with its money, and thereís some tension between China and the US, which makes the US Dollar look even better.

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