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This summer seemed to hold promise for the euro. The European currency saw a noticeable rise against the US dollar. However, in the middle of July, this growth came to a halt, and the USD began movements to the mark of 1. Let’s explore if the dollar could once again outvalue the euro, as it did about a year ago.
Now, pay attention to this summer. The euro gained by 1.12, but it probably marked the peak for 2023 because the trend changed. The USD decreased before the middle of the summer due to expectations that the Fed could adjust monetary policy earlier than other major central banks. But nope, now the Federal Reserve expected to consider such adjustments only in the spring of 2024. Same time, the Chinese economy faced unexpected trouble, requiring government support.
Therefore, analysts expect that the EURUSD will hover around 1.09 in the following months and then might even reach 1.06. But there are no drivers capable of pushing the US dollar closer. At least for now.
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