ANALYSIS
NQ100 Finds Support from PPIApr 14
Reactions May Not Be Permanent in EURUSD
The minutes of the ECB's monetary policy meeting from July 20–21 shows that, despite the tendency of the euro to receive some reaction, the members agreed that it is appropriate to take further steps toward the normalization of monetary policy. However, the hawkish statements made by FED officials indicated that the stronger dollar was in favor of the currencies of developed countries. In addition, the pricing of the parity will be closely monitored in light of the remarks made by FED Chairman Jerome Powell at the Jackson Hole meeting. According to this scenario, the parity, which supports the descending channel movement, may push the 0.9920 support to the forefront during persistent declines below 0.9965. The lowest level in 20 years can be seen with 0.9885 below this level. On the other hand, the area between 1.0070 and 1.0115 may act as a strong resistance.
