The euro has reached its highest level since October 2021, driven in part by commitments from European leaders to increase NATO defence spending.
The swing factor for the euro dollar in the shorter term is the possibility of US rate cuts. Critical for this will be US inflation data, starting with tomorrow's PCE report. If tariffs fail to significantly lift inflation, the case for a July rate cut strengthens—adding further pressure on the dollar.
That weakness is also supporting gold. XAUUSD is above $3,300. Recent price action has formed a potential symmetrical triangle on the daily chart—a structure that can precede a breakout. A move above $3,400 could signal renewed bullish momentum.
The swing factor for the euro dollar in the shorter term is the possibility of US rate cuts. Critical for this will be US inflation data, starting with tomorrow's PCE report. If tariffs fail to significantly lift inflation, the case for a July rate cut strengthens—adding further pressure on the dollar.
That weakness is also supporting gold. XAUUSD is above $3,300. Recent price action has formed a potential symmetrical triangle on the daily chart—a structure that can precede a breakout. A move above $3,400 could signal renewed bullish momentum.
Economic Calendar:
blackbull.com/en/economic-calendar/?utm_source=tradingview
Free TradingView Premium:
blackbull.com/en/platforms/tradingview/?utm_source=tradingview
blackbull.com/en/economic-calendar/?utm_source=tradingview
Free TradingView Premium:
blackbull.com/en/platforms/tradingview/?utm_source=tradingview
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Economic Calendar:
blackbull.com/en/economic-calendar/?utm_source=tradingview
Free TradingView Premium:
blackbull.com/en/platforms/tradingview/?utm_source=tradingview
blackbull.com/en/economic-calendar/?utm_source=tradingview
Free TradingView Premium:
blackbull.com/en/platforms/tradingview/?utm_source=tradingview
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.