By Areena FxThe Euro is currently trading slightly below the 1.08 mark with very little movement, as today’s trading session is anticipated to be exceptionally calm due to the US President’s Day holiday.
The exchange rate has remained relatively stagnant, with last week seeing a narrow range of almost 100 basis points between the 1.07 and 1.08 levels as investors are hesitant to make significant moves.
Overall, the exchange rate landscape remains unchanged, with the focus mainly on the potential monetary policy adjustments by the major central banks.
Recent macroeconomic data from the US, particularly concerning inflation, has kept the likelihood of any interest rate changes in the next two months low. The market is now eyeing June for the possibility of the first rate cut by the Fed.
Today’s agenda lacks significant announcements or statements from officials, as the US President’s Day holiday extends the weekend, leading to a holiday atmosphere in the markets with most investors likely to remain inactive.
Attention is turning towards Wednesday with the release of minutes from the last Fed meeting, as tomorrow’s agenda also lacks any major events.
The strategy to consider buying the euro after noticeable dips below the 1.07 level remains under consideration.