<p>ECBs Holzmann is speaking to Austrian newspaper Die Presse and says:</p><ul><li>I expect multiple rate hikes of 50 basis points, at least in the 1H of 2023</li><li>Core inflation is above 5%, which is 2 1/2 times our target</li><li>there could be rate hikes if headline inflation has fallen significantly, but core inflation has not.</li><li>I am reluctant to say inflation has peaked because core inflation has not. </li><li>It could take two – three years to bring <a href="https://www.forexlive.com/terms/i/inflation/" class="terms__secondary-term" id="ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa" target="_blank">inflation</a> down to target, or longer</li></ul><p>The <a href="https://www.forexlive.com/terms/e/eur-usd/" class="terms__main-term" id="a68cd323-8af1-4ecb-a8dd-0aa83e90da63" target="_blank">EURUSD</a> remains near the high of the US session . The price is also remaining above its 100 hour movie is 1.0816. The current price trades at 1.0843.</p><p>Looking at the hourly chart below, the dip today found support bars against it's 200 hour moving average (green line in the chart below). The price high was reached in the European morning session at 1.08583. There is a swing area at 1.0866 to 1.08743. The high for the week reached 1.08868 but failed on the break above the swing area and that led to the rotation lower toward the 200 hour moving average.</p>
This article was written by Greg Michalowski at www.forexlive.com.