EUR/USD bears are in town, but face a wall of critical longterm support By ross_burland EURUSD DollarIndex Currencies Fed ECB
The markets will eye the upcoming Australian, UK and European central bank meetings as the key events while continuing to price the Federal reserve's hawkish dominance into the market. This has been supporting the dollar index , which measures the greenback against six major peers in the 97.00 areas. Friday's 18-month top of 97.441 was a critical milestone that has set the scene for the week ahead.
Other key events for the US will include the ADP report that provides its private-sector jobs estimate Wednesday, with consensus at 200k vs. 807k in December. ''The ECB is in cruise control for 2022H1, and we expect little change in messaging at this week's policy decision, especially as no new forecasts will be released,'' analysts at TD Securities explained.is likely to emphasise policy flexibility during the press conference, but re-iterate that a 2022 rate hike is highly unlikely. Views on energy prices and inflation expectations will be key,'' the analysts added.
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