At the European Central Bank (ECB) meeting yesterday, the interest rate was kept at 2.15%, just as most people expected. The official statement did not include any big news. However, because many people think the ECB might cut rates at the next meeting in September, the market reacted by selling the euro.
Later, ECB President Lagarde said that recent economic data shows slow but steady growth. This gave a more positive feeling, and some people started buying euros. But the euro quickly went down again, so the meeting did not have a strong effect overall.
In the end, what the ECB does next depends a lot on how global trade talks go. Because the U.S.–Japan talks ended well, people now expect more progress in other trade deals too.
Meanwhile, President Trump and other U.S. officials are increasing pressure on the U.S. central bank to cut interest rates. Because of this, the euro is holding steady and not falling much.
Expected range for EUR/USD: 1.1710 – 1.1830 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.