EURUSD activity has declined. Overview for 22.05.2024

The primary currency pair is hardly moving on Wednesday. The current EURUSD exchange rate stands at 1.0853.

The US dollar appears stable as the currency market conserves strength ahead of tonight’s release of the Federal Reserve’s last meeting minutes. Investors have already weighed calls for patience from some monetary policymakers and are now eager to compare these comments with the official documents.

With a scarcity of significant macroeconomic statistics scheduled for this week, the market has to depend on its own data and interpretations of current developments. The major currencies are moving within narrow ranges.

Meanwhile, forecasts for a stronger-than-expected interest rate cut are becoming more relevant following last week’s weak April inflation reports release.

The consensus forecast suggests the Federal Reserve will lower interest rates by 43 basis points this year. A week ago, this figure was 52 basis points.