The US dollar is unchanged today, thus halting its recovery from a significant decline in the past week. Behind this drop was the growing expectation that the US central bank (Fed) has already stopped raising interest rates. Today, the euro gained about a tenth of a percent against the dollar at 18:00 CET at 1.0710 EUR/USD.
A number of analysts expect US economic growth to slow in the fourth quarter, which would reduce the likelihood of further US interest rate hikes and undermine interest in the dollar. The latter previously benefited from the fact that the economic development in the US was more favorable than in other large economies, for example in the Eurozone.
“The dollar will be vulnerable to weaker data (on the US economy) in the future,“said Shaun Osborne, an analyst at Scotiabank, according to Reuters. He added, however, that in the near term the dollar could continue to recover from last week’s plunge, which some consider exaggerated.
Development of the currency pair EUR/USD (1-hour chart – H1):
Source: Reuters, ČTK, MT4, Scotiabank
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