Created
: 2024.04.30
2024.04.30 07:29
EUR/USD jostled on Monday, settling near 1.0720 after churning in a tight but lopsided range as markets settle in for the wait to Wednesday's US Federal Reserve (Fed) outing. Investors broadly expect US rates to hold steady this week, but traders will be looking for an uptick in Fed guidance for when rate cuts could be coming. As of writing, the CME's FedWatch Tool shows rate markets are pricing in 58% odds of a first rate cut in September.
German Consumer Price Index (CPI) inflation rose to 0.5% MoM in April, up from the previous month's 0.4% but missing the forecast 0.6%. Germany's YoY Harmonized Index of Consumer Prices (HICP) inflation ticked higher to 2.4%, compared to the forecast hold at 2.3%. Markets will be looking ahead to Tuesday's HICP inflation for the pan-Euro area, which is expected to stand pat at 2.4% for the year ended April.
European Gross Domestic Product (GDP) figures are also due during Tuesday's European market session, forecast to grind higher to a scant 0.1% in the first quarter compared to the previous quarter's flat 0.0%.
The key headlines this week will be the Fed's latest rate call on Wednesday, followed by Friday's NFP labor data, which is expected to show a slight easing from the previous month's 12-month peak of 303k. Friday's US NFP is forecast to ease to 243k net additional job growth.
The EUR/USD churned just north of the 1.0700 handle on Monday as the pair continues to grind higher off of technical bounces from the 200-hour Exponential Moving Average (EMA) rising into the 1.0700 region. Chart paper north of 1.0750 is proving a difficult boundary to cross, and downside momentum, though sluggish, continues to keep the pair weighed down.
EUR/USD remains down 2.5% from the last major swing high into 1.0980, with a near-term price floor at 1.0600.
Created
: 2024.04.30
Last updated
: 2024.04.30
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy