ECB to announce interest rate decision

In the Asian session on Friday (April 28), the EUR/USD rose to 1.1034, an increase of 0.06%. Driven by the dollar’s broad decline, the euro rose above the 1.10 mark against the dollar on Wednesday and hit 1.1095, its highest level since April last year. Today and tomorrow, the United States and the Eurozone will release first-quarter GDP flash data. Next week, the Federal Reserve and the European Central Bank will also announce new interest rate decisions.

UOB economists believe that despite the euro’s relatively strong gains, the upward trend has not improved much. This means EUR/USD could climb upwards towards 1.1120. But a sustained move above that level for a few weeks is unlikely.