08 September 2023, EUR/USD
EURUSD trading plan:
The dollar gained, as traders placed their bets on a still-resilient U.S. economy amid the recent spate of stronger-than-expected data. Initial claims for state unemployment benefits fell unexpectedly to 216,000 in the week ended Sept. 2 from a revised 229,000 the week before. The latest week's numbers were the lowest since February. Nonfarm productivity - measuring hourly output per worker - increased at a 3.5% annualized rate in the period from April through June versus negative 1.2% in the first three months of the year. Second-quarter productivity had initially been estimated at 3.7%, the strongest since the third quarter of 2020. Market pricing shows a more than 45% chance that the Fed will deliver another rate hike in November, according to the CME FedWatch tool, though expectations are for policymakers to keep rates on hold later this month.
Investment idea: sell 1.0731 and take profit 1.0666.
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