ECBs Simkus: At least one more rate hike required

ECB’s Simkus via CNBC is saying:

  • At least one more rate hike is required.

Nothing new as ECBs Lagarde said a July hike was likely after the last meeting. The question going forward is if one hike is the “least”, what might be the “most”. That is the unknown.

The EURUSD is still mired in a narrow 33 PIP trading range for the day. That is well below the 22-day average (about a month of trading), 72 pips. That early New York session highs, the price toyed with breaking above its 200-hour moving average currently at 1.09169. However, the buying dried up and the price over the last 4 hourly bars has been modestly below that moving average level tilting the short-term bias back to the downside.

This article was written by Greg Michalowski at Source