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EURUSD: Intraday Analysis & Short Term Forecast

The euro held onto a 15-year high against the yen and inched higher on the dollar on Thursday, following hawkish remarks from European policymakers and the prospect of falling energy prices. Central bankers take centre stage again later in the day, with scheduled speeches from Federal Reserve chair Jerome Powell and Bank of England chief economist Huw Pill. At $1.0710, EURUSD the common currency was firm in Asia trade after the European Central Bank’s chief economist said on Wednesday he had not seen enough progress in taming inflation.

“While the market has been focusing on the prospects of rate cuts from (G10 central banks) next year, many of the respective central bankers have been pushing back against this speculation,” said Rabobank senior strategist Jane Foley. “As long as inflation remains above target, policy makers are likely to want to keep alive the risk of further tightening particularly since a significant drop in market rates could worsen inflationary risks.”

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