EURUSD Steady at $1.08 as ECB Meeting Nears, Rate Cut Hints Awaited
Solid ECN – The euro remained steady at about $1.08, with investors taking a careful stance as they awaited Thursday's European Central Bank (ECB) announcement.
It's widely anticipated that ECB officials will keep interest rates at their current record highs for the sixth time in a row. The focus is now on how the statement is worded and what ECB President Lagarde might say in her press conference to hint at when the first interest rate decrease of the year could happen.
Recent documents from the ECB show that the officials are more confident about inflation moving towards their goal of 2%, which makes a strong argument for a reduction in interest rates. On the other hand, the US dollar kept getting support because the latest data showed the American job market is still doing well, indicating that the Federal Reserve might not hurry to lower interest rates soon.