According to Vladimir Miklashevsky, senior economist at Danske Bank, EUR/USD has been more responsive to US data releases of late and is likely due to the high uncertainty about Fed policy heading into next week’s FOMC meeting.
“The release of retail sales and industrial production today could therefore be market movers. We think the risk is tilted towards slightly stronger readings, which would be EUR/USD-negative. Regardless, we are confident the Fed will cut rates in July, which should pave the way for a move in EUR/USD towards 1.17 in 6M.”
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