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EURUSD: Daily Analysis & Forecast

Money market pricing implied investors expect the Fed to reduce its main funds rate by less than 50 bps this year. U.S interest rates are at a 23-year high of 5.25%-5.5% and traders started 2024 betting on about 150 bps of cuts.

“Incoming data suggest that the US economy, inflation in particular, is on a different track than the Fed had envisaged,” Barclays analyst Anshul Pradhan said.

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