The IMF European regional report is out and says:
- Soft landing for European economies is in reach but not assured -
- High-debt European economies should consolidate fiscal policy faster than currently envisaged
- Monetary policy in advanced Europe needs to match unfolding conditions, easing neither too fast nor too slow
- Central banks in the rest of Europe will need to maintain tight policy for longer to fully reel in inflation
- Trying to fix competitiveness problems through a subsidy race with trading partners will do more harm than good
The EURUSD is pushing to new highs for the day in the early US session, and is testing the high of its sewing area between 1.0655 to 1.0675. Move above and stay above is more bullish for the pair.
EURUSD tests the high of the swing area
