EURUSD is under pressure again. Overview for 07.06.2023

The market's most traded currency pair is moderately retreating on Wednesday. The current EURUSD quote is 1.0690.

The EUR felt some pressure following comments by Isabel Schnabel of the European Central Bank. She noted that an ECB rate hike might take longer than expected to have an impact on the economy. With the current skills shortage in the labour market, Schnabel said, we can expect the influence of the monetary policy on the economy to be weaker than usual.

Euro fans counted on the ECB's consistency and confidence in raising the interest rate. With comments of this nature appearing now, trust in the regulator has somewhat diminished, and this is reflected in the trajectory of the euro.

Today statistics will be as scarce as they were the day before. The US will release the consumer credit data for May in the afternoon. The index is expected to have dropped markedly after April.