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The EUR/USD pair has achieved a high not seen in five months.
On Thursday, the primary currency pair continues its ascent, with the current EUR/USD exchange rate standing at 1.1114.
The day has been relatively uneventful, with investors primarily engrossed in shaping expectations concerning the future actions of the US Federal Reserve. Presently, the market is indicating a 90% likelihood of an interest rate cut in March. The overall decline in borrowing costs for 2024 could potentially reach 158 points, up from the 153 points estimated just yesterday. Evidently, optimism is on the rise.
Market participants are meticulously interpreting every signal regarding the cooling of inflationary pressures. It’s noteworthy that the Fed is leaning towards a soft landing for the economy rather than a severe recession.
The DXY index might wrap up 2023 with a 2.6% loss, marking the first annual decrease since 2020.
Today, all eyes are on the US with the weekly jobless claims report and the release of pending home sales for November.
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