Posted 12/22/2023, 6:43:43 PM
EUR/USD Hits 18-Week High on Slowing US Inflation and Rate Cut Hopes Before Retreat
- EUR/USD hit an 18-week high on Friday before pulling back towards 1.1000
- Slowing US inflation is pushing the dollar down as markets bet on rate cuts
- US PCE inflation printed below expectations, fueling expectations of faster Fed rate cuts
- Durable goods beat forecasts, signaling the US economy may still be firm enough to need fewer cuts
- Technicals are bullish for EUR/USD with support levels holding as the pair rises from October lows