EUR gains on hawkish comments and Reuters report

EUR is the best performing G10 currency today, gaining 0.5% against the US dollar. Common currency gains on hawkish comments delivered by ECB members today at ECB central banking event in Sintra, Portugal. ECB President Lagarde said that recent data justifies another ECB rate hike in July. Later, Vasle said that situation supports rate hikes in July and September as core inflation continues to accelerate but ECB will act depending on data. Last but not least, Reuters came out with a report saying that number of ECB members (at least 7) supports rate hikes at July and September meetings with stubbornly high inflation making a pause before Q4 2023 unlikely. While it is nothing new as markets are already pricing in that ECB will continue to hike beyond July, it serves as a kind of confirmation and provides support for EUR today.

EURUSD continues to trade at high levels even in spite of a continued pick-up in US yields. If EURUSD climbs above local high from the previous week, a potential head and shoulders pattern would be invalidated. Source: xStation5

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