{"id":69640,"date":"2023-09-15T10:06:12","date_gmt":"2023-09-15T07:06:12","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=69640"},"modified":"2025-11-25T14:36:22","modified_gmt":"2025-11-25T12:36:22","slug":"ecb-hikes-and-reaches-terminal-rate","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/ph\/ecb-hikes-and-reaches-terminal-rate\/","title":{"rendered":"ECB hikes and reaches terminal rate"},"content":{"rendered":"<p>The USD tended to get some support against its counterparts yesterday as the PPI rates for August reaffirmed the persistence of inflationary pressures in the US economy by accelerating more than expected on a year-on-year level, while the retail sales growth rate failed to slow down as much as expected, implying a more resilient demand side of the US economy. Data stemming from the US today are expected to provide us with clues regarding the industrial sector and for the demand side of the US economy and further encouraging data may support the USD.&nbsp;&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Across the Atlantic the common currency lost ground across the board yesterday as the ECB hiked rates by 25 basis points as part of the market expected, yet practically implied that it has reached its terminal rate. In the <a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2023\/html\/ecb.mp230914~aab39f8c21.en.html\">accompanying statement <\/a>the bank stated that \u201cBased on its current assessment, the Governing Council considers that the key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target\u201d. Later on, in her press conference ECB President Lagarde stated that there was a solid majority in favour of the hike yet at the same time answering a question, stated that based on the current assessment the bank, is to maintain the current level of interest rates yet is to maintain a data-dependent approach. We may see the shift of stance of the bank and the lowering of its expectations for the economy to grow, weighing on the common currency.&nbsp;<\/p>\n\n\n\n<p>EUR\/USD dropped yesterday breaking the 1.0735 (R1) support line, now turned to resistance and proceeded to test the 1.0635 (S1) support base. We tend to maintain a bearish outlook for the pair as long as it remains below the downward trendline incepted since the 18<sup>th<\/sup> of July and given that the RSI indicator below our daily chart remains near the reading of 30 implying a bearish sentiment for the pair from market participants. Should the bears maintain control over the pair we may see it breaking the 1.0635 (S1) support line and start aiming for the 1.0515 (S2) support level. Should the bulls take over, we may see the pair reversing course, breaking the downward trendline guiding in a first signal that the downward motion was interrupted and proceeding to break the 1.0735 (R1) resistance line.<\/p>\n\n\n\n<p>On the commodities front, oil prices managed to rise even further yesterday, as the supply side tends to remain tight and the worries for the demand side of the commodity seem to have eased a bit, given that the demand outlook provided by both OPEC and IEA in the past few days, tended to show a healthy rise and a more robust consumption. Furthermore, during today\u2019s Asian session, Chinese manufacturing data for August were better than expected, signaling a possible improvement in oil demand. Additional signals of a tight supply side or improvement of the demand outlook may provide additional support for oil prices.&nbsp;<\/p>\n\n\n\n<p>Brent\u2019s price proceeded higher aiming for the 95.15 (R1) resistance line yesterday and during today\u2019s Asian session. We tend to maintain a bullish outlook for the commodity\u2019s price as long as the upward trendline incepted since the 24<sup>th<\/sup> of August, continues guiding Brent\u2019s price and given that the RSI indicator is currently at very high levels implying a bullish sentiment for the commodity. Yet the fact that the RSI indicator is above the reading of 70 may also imply that Brent\u2019s price has reached overbought levels and is ripe for a correction lower. Should the bulls maintain control we may see it breaking the 95.15 (R1) resistance line and aim for the 98.90 (S2) support level. Should the bears take over, we may see Brent\u2019s price dropping, breaking the prementioned upward trendline, the 90.85 (S1) support line and aim for the 87.40 (S) support hurdle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>In today\u2019s European session, we note the release of France\u2019s final HICP rates for August, while ECB President Lagarde is expected to speak. In the American session, besides the US data, we also note the release from Canada of the manufacturing sales for July.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eur-usd-daily-chart\"><strong>EUR\/USD Daily Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/09\/image-73.png\" alt=\"support at one point zero six three five and resistance at one point zero seven three five, direction downward   \" class=\"wp-image-69641\" title=\"eur-usd-daily-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.0635 (S1), 1.0515 (S2), 1.0445 (S3)<\/p>\n\n\n\n<p>Resistance: 1.0735 (R1), 1.0835 (R2), 1.0940 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-brent-daily-chart\"><strong>Brent Daily Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/09\/image-74.png\" alt=\"support at ninety point eighty five and resistance at ninety five point fifteen, direction upwards \" class=\"wp-image-69642\" title=\"brent-daily-chart\"\/><\/figure>\n\n\n\n<p>Support: 90.85 (S1), 87.40 (S2), 82.25 (S3)<\/p>\n\n\n\n<p>Resistance: 95.15 (R1), 98.90 (R2), 103.15 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1998\" height=\"491\" src=\"\/wp-content\/uploads\/2023\/09\/image-75.png\" alt=\"\" class=\"wp-image-69643\" title=\"benchmark-15-09-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1073\" height=\"607\" src=\"\/wp-content\/uploads\/2023\/09\/image-77.png\" alt=\"\" class=\"wp-image-69645\" title=\"table-15-09-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1720\" height=\"1125\" src=\"\/wp-content\/uploads\/2023\/09\/image-76.png\" alt=\"\" class=\"wp-image-69644\" title=\"morning-releases-15-09-2023\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The USD tended to get some support against its counterparts yesterday as the PPI rates for August reaffirmed the persistence<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-69640","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>USD Strength, EUR\/USD Pressure and Oil Rally<\/title>\n<meta name=\"description\" content=\"USD gains momentum as inflation stays firm, pressing EUR\/USD lower and supporting higher Brent oil prices.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/ph\/wp-json\/wp\/v2\/posts\/69640\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECB hikes and reaches terminal rate\" \/>\n<meta property=\"og:description\" content=\"USD gains momentum as inflation stays firm, pressing EUR\/USD lower and supporting higher Brent oil prices.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/ph\/ecb-hikes-and-reaches-terminal-rate\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-15T07:06:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-25T12:36:22+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/ecb-hikes-and-reaches-terminal-rate\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/ecb-hikes-and-reaches-terminal-rate\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"ECB hikes and reaches terminal rate\",\"datePublished\":\"2023-09-15T07:06:12+00:00\",\"dateModified\":\"2025-11-25T12:36:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/ecb-hikes-and-reaches-terminal-rate\\\/\"},\"wordCount\":786,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"tl\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/ecb-hikes-and-reaches-terminal-rate\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/ecb-hikes-and-reaches-terminal-rate\\\/\",\"name\":\"USD Strength, EUR\\\/USD Pressure and Oil Rally\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#website\"},\"datePublished\":\"2023-09-15T07:06:12+00:00\",\"dateModified\":\"2025-11-25T12:36:22+00:00\",\"description\":\"USD gains momentum as inflation stays firm, pressing EUR\\\/USD lower and supporting higher Brent oil prices.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/ecb-hikes-and-reaches-terminal-rate\\\/#breadcrumb\"},\"inLanguage\":\"tl\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/ecb-hikes-and-reaches-terminal-rate\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/ecb-hikes-and-reaches-terminal-rate\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ECB hikes and reaches terminal rate\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/ph\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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