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Bears to Target 1.17 amid Stronger Dollar

Mount Equity Group Tokyo, Japan > News > Markets > Bears to Target 1.17 amid Stronger Dollar
  • EUR/USD remains under selling pressure.
  • Fed’s dovish tone couldn’t help bulls in EUR/USD.
  • Further decline towards the 1.17 region can be expected.

On Friday, the EUR/USD forecast remained inclined to decline all day. The dynamics of EUR/USD were influenced by macroeconomic reports from the Eurozone.

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According to final data from the European statistical agency Eurostat, the consumer price index rose 0.3% in June. As a result, annual inflation in June slowed to 1.9% from 2% a month earlier. The indicators coincided with the forecasts of experts. The core consumer price index (excluding food and energy) was 0.3% m/m and 0.9% y/y, in line with market expectations.

Despite all the efforts of Jerome Powell, who voiced dovish rhetoric in Congress, the Greenback stayed afloat and showed character, strengthening his position…

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