ECB President LeGarde has been extremely hawkish in monetary policy, with the mantra, ‘higher for longer’. The ECB have been way behind on the yield curve, acting on inflation very late in the game, which gives them some latitude for further rate rises. Recessionary conditions in Europe prevail and put a brake on interest rates and the currency.
Current level: 0.5645 (1.7715)
Resistance: 0.5695 (1.7560)
Support: 0.5595 (1.7873)
Last Weeks Range: 0.5610-0.5665 (1.7825-1.7652)