The primary currency pair continues to face pressure on Wednesday. The current EURUSD exchange rate stands at 1.0866.
Today marks the conclusion of the two-day US Federal Reserve meeting. The interest rate will remain unchanged at 5.5% per annum. However, the market expects more details from the Fed regarding its plans for May-June.
All this is yet to come. Significant data has been released, so it is now worth examining what is happening in the eurozone. The final calculation of the Consumer Price Index (CPI) in the region for February showed a rise of 2.6% y/y, compared to the previous level of 2.8% – this is positive news, indicating that inflationary pressure in the eurozone continues to decline. The alliance was among the first to declare victory over rising prices and is consolidating this success now.
The ZEW Economic Sentiment Index in the eurozone has noticeably increased to 33.5 points in March, surpassing the forecasted 25.4 points and the previous 25.0 points, which is another positive sign.
The President of the European Central Bank, Christine Lagarde, will deliver a speech today. Her comments might also touch upon the economic situation in the region.