By eFXdata — Jun 24 - 09:30 AM
Societe Generale Research sees a scope for the USD Index (DXY), and EUR/USD to mender around inside last week's range in the very near-term.
"End of day dollar buying yesterday, and the comment from Atlanta Fed President Raphael Bostic that he pulled his projection for the first rate hike to late 2022 in the latest FOMC meeting, combined to help the dollar index bounce back off its 200-day average and keep EUR/USD under 1.20," SocGen notes.
"But really, there’s a pretty good chance that the DXY and EUR/USD both just meander around inside the last week’s range, 91.5-92.4 for DXY, 1.1850-1.20 for EUR/USD. That said, if it moves, EUR/USD can still fall far faster than it can go up," SocGen adds.
Société Générale Research/Market Commentary