EUR/USD has traded as high as 1.02 earlier. A rest above here would start a move towards 1.0370, economists at BBH report.
European Central Bank sticks to hawkish stance
A clean break above 1.02 would setup a test of the August 10 high near 1.0370.
ECB officials are sticking with the hawkish message. Going for a lesson from the Fed, the lender is trying to remain on message therefore far, the markets enjoy it. Despite these comments, we believe nothing has fundamentally changed. We think the ECBs base case forecast of no recession is much too optimistic and a downturn will eventually avoid the ECB from hiking that aggressively. Having said that, nobody should stand in the form of this move, that is also being exaggerated by position skew entering the ECB meeting.
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