In the Tokyo market, reports of Trump’s likely victory caused the dollar to strengthen across the board, with the euro dropping to 1.0937 and continuing down to 1.0683 in the New York market. The dollar buying increased due to expectations that tariffs under the new President Trump could lead to a rise in inflation.
The FOMC meeting will be held in the early morning tomorrow, and the new president’s election may mean the committee will be cautious about future rate cuts. Meanwhile, the ECB is expected to continue lowering rates due to concerns about falling prices, which could lead to more euro selling. The market also sees the fact that the 21-day moving average crossed below the 200-day moving average as a signal to sell.
Euro-Dollar forecast range: 1.0750 to 1.0600
Note: This information does not guarantee profit. Please make your own decisions when trading.