Anders Svendsen, Research Analysts at Nordea Markets, suggests that for EUR/USD, the FOMC meeting will likely play a secondary role compared to the ECB meeting the following day.
“But the focus on symmetry around the inflation target in the recent FOMC minutes has counterintuitively played a pivotal role in the USD comeback that we have seen since the end of April.”
“As long as the “June is live” story is alive and kicking surrounding the ECB meeting this week, we think EUR/USD is headed higher. But higher levels ahead of the FOMC and ECB meeting should be used to re-enter shorts in EUR/USD over the summer.”
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