EUR is struggling to find balance. Overview for 05.09.2023
The major currency pair appears weak today, Tuesday, just as it did yesterday. The current EURUSD exchange rate stands at 1.0792.
The week started quietly, as US exchanges were not trading due to the Labor Day holiday. The macroeconomic calendar did not feature a lot of economic data.
In September, the Sentix Investor Confidence Index in the Eurozone dropped to -21.5 points from the previous -18.9 points. The forecast suggested a deterioration to -19.6 points.
Christine Lagarde, president of the European Central Bank, will deliver a speech today. There is a possibility that her remarks will bolster the EUR exchange rate, although the impact might not be substantial. Investors are convinced that the ECB has limited room to raise interest rates, as the resilience of the economy is constrained.
The Eurozone will also release data on the producer price index in August (a decrease is expected), and the services PMI.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.