European equities resumed upward momentum while the Euro pulled back from recent highs on news that ECB starts to consider slower hikes after the half point in February. According to ECB sources, policymakers are starting to consider a slower pace of interest rate hikes than president Lagarde indicated in December a series of 50 bps hikes. According to these sources, the idea of a slower move in March is 'gaining support' and some expect a 50 bps hike at the next meeting and then 25 bps afterwards.
Following the news, DE30 jumped to the local resistance area determined by the 78.6% Fibo retracement of the downward movement started in November 2021. Source: xStation5
EURUSD pair pulled back sharply from its recent high at 1.0870 and is moving towards key support at 1.0800. Source: xStation5
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