Forex. Euro/Dollar (EUR/USD) forecast for today
The euro/dollar exchange rate peaked at 1.1620 in the last European session.
The euro/dollar exchange rate chart has gone beyond the downward trend of early September – this is a signal to buyers. According to the latest data, US inflation reached a new 13-year high of 5.3% last month. Core inflation remained at 4.0% due to a sharp drop in air ticket prices. The yield on 10-year Treasury bonds has slightly retreated from the maximum, and is now at 1.525%. At the same time, the US economy in September created the smallest number of jobs in nine months.
Federal Reserve officials Rafael Bostic, Mary Daly and Thomas Barkin will comment on the current situation in the near future. The statements of the Fed representatives will be news signals for the foreign exchange market. At the same time, the minutes of the Fed's last meeting, published on Wednesday, reinforced expectations that the Fed will announce the beginning of the cancellation of stimulus next month.
Today, the focus will be on the basic US retail sales index, a little later the consumer sentiment index from the University of Michigan for October will be released. The trading history shows that the US dollar will be volatile. Good data will only strengthen the position of the US currency from current price levels.