$EURUSD ForexSignal - Stuck in a Range Ahead of US inflation Data TradingSignals EURUSD forextrading
It was trading at 1.0745, which was higher than last week’s low of 1.0485. It has risen sharply from the lowest level in 2022.The global economy will continue facing significant headwinds in 2023 as inflation remains elevated in most countries. According to the World Bank, the economy will expand by 1.3% this year, lower than the previous estimate of 3%. The bank warned that the economy was on a razor’s edge and risks falling into a recession this year.
Natural gas prices, which soared in 2023, has started dropping because of the warmer winter. Measures by European governments to boost liquified natural gas imports and restart coal plants has helped the region deal with inflation. Therefore, there is a likelihood that European countries will do better than what analysts were expecting.
The EUR/USD pair was also unchanged after Jerome Powell avoided talking about monetary policy in his speech on Tuesday. Therefore, he left the markets guessing about what the bank will do in the coming months.
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