European economies are suffering recessionary economic conditions and a resurgence in inflation, dimming the likelihood of interest rate cuts in 2024 and adding to tight monetary conditions. The tight money conditions have supported the EUR, although weaker trade and growth do not auger well for 2024.
Current Level: 0.5590
Support: 0.5580
Resistance: 0.5650
Last week’s range: 0.5590 – 0.5670