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The US dollar's total decline worries the market, but there is still hope for its recovery. Experts are concerned that the growing inflation will let the US dollar fall.
On Wednesday, a series of March US CPI figures were released, which forced the market to closely monitor the current dynamics of the US dollar. It can be recalled that the CPI value was high, but the market ignored this fact by the end of yesterday's trading session. The focus was on the auction of 30-year US Treasury bonds. Its high demand supported their profitability. However, the US currency currently declined sharply. This trend continued on Thursday morning, April 15. Experts are afraid of the consolidation of this trend, although many of them expect the USD to recover in the medium term.
On the morning of April 15, the US currency updated its four-week low, which provoked another wave of tension in the market. The current situation has confirmed the Fed's statements about maintaining low interest rates and forced investors to adjust their actions. On Thursday, ithe EUR/USD pair traded at the level of 1.1981, with the Euro moving up to a four-week high of 1.1989. Analysts believe that this is a record figure for the last month.
In this context, the EUR/USD bulls had a hard time: a strong resistance level around the level of 1.1989 blocked their way up. In this case, the bears took control of the situation, even though experts are sure that everything can change. However, the bearish scenario is likely to be cancelled only if the strong level of 1.1990 is broken, and transition to the psychologically important level of 1.2000.
At the same time, specialists from the largest bank Credit Suisse do not rule out the continuation of the dollar rally against key funding currencies. The bank believes that the EUR/USD pair will stop rallying when it reaches the level of 1.2000. In addition, they admit that the bears can increase pressure if the so-called mirror level of 1.1953 is broken.
They also noted that the US dollar should not be ignored in the current situation, despite its weakening. The indicated currency may recover in the near future, gathering strength after a long correction. If so, they believe that the EUR/USD pair will face a new round of rally.
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