$EURUSD Forex Signal: Bullish Sentiment if it Zooms Past 1.0750
As a result, the EUR/USD pair rose to a high of 1.0730, the highest level since March 15. The pair has jumped sharply from last week’s low of 1.0522.
The performance of the banking sector is the main theme in the market this week. On Monday, investors were still assessing the impact of the decision by UBS to acquire Credit Suisse at a throwaway price. Credit Suisse stock dropped by over 50% in Switzerland and New York. First Republic Bank is also in the spotlight as efforts to save it appear to be failing. The stock has been in a freefall in the past few weeks as outflows have increased. Last week, a consortium of the biggest banks in the US deposited $30 billion in the bank. Still, it received several credit rating downgrades from Moody’s, S&P Global, and Fitch.
The EUR/USD rose as the US dollar index slumped to $103 and American indices like the Dow Jones and S&P 500 indices jumped by almost 1%. Government bond yields also continued rising.. Economists expect that the Fed will be at a crossroads when making that decision since it will need to balance the need for fighting inflation and ensuring financial stability.However, Fed futures point to a modest 0.25% interest rate hike.
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