The exchange rate of the euro/dollar currency pair did not change at the end of the trading session on Wednesday and remained near the level of 1.2175.
Market volatility has significantly decreased before the meeting of the European Central Bank, which will be held today. We can hardly expect important statements from the regulator. At the same time, the discussion, which began last year but has been suspended for most of 2020, will allow for a review of the bank's inflation target and may determine the ECB's new monetary policy plans.
Also today, the US will publish the consumer price index for May. According to Dow Jones, economists expect the indicator to grow by 4.7% compared to a year earlier. In April, the consumer price index rose 4.2% year-on-year, the fastest increase since 2008. Investors are keeping a close eye on the inflation data, fearing that it could prompt the Fed to cut asset purchases earlier, despite the central bank's claim that price pressures are temporary.
U.S. job openings hit a new record high of 9.3 million in April, according to a published Labor Department survey. Markets were expecting 8.18 million vacancies. Negotiations on a comprehensive infrastructure bill collapsed after President Joe Biden and a small group of GOP senators failed to reach a compromise. In general, this reduces the likelihood of a serious increase in government spending in the United States in the near future, so it can negatively affect the exchange rate of the US currency.
Forex trading. Euro/Dollar EUR/USD forecast for today, June 10, 2021
The forecast assumes an increase in the Euro/Dollar exchange rate to the levels of 1.2200, 1.2230 and 1.2250.