Forex
EUR/USD Strengthens Above 1.1550 Amid ECB Hike Expectations
The EUR/USD pair is showing signs of strength above 1.1550, maintaining a bullish outlook according to Mitrade.
In the early European session on Wednesday, the pair edged higher to around 1.1585, with the Euro rising against the US Dollar as the German ZEW survey beat forecasts.
The recent data release showed that the German ZEW Survey - Economic Sentiment came in at 34.2 in August, exceeding estimates of 30.00, while the ZEW Survey - Current Situation improved to -61.1 in August, stronger than the -68.8 expected.
The European Central Bank's (ECB) Watch Tool indicates a high probability of a continuation of the ECB hiking cycle, with a 90% to 94% chance of a 25 basis points hike to 2.50% at the next policy meeting scheduled for September 9.