30 April 2024, EUR/USD
Event to pay attention to today:
09:45 GMT+3. EUR - HICP y/y
11:00 GMT+3. EUR - GDP y/y
EURUSD:
On Monday, the EUR/USD fluctuated near 1.0720, after a narrow but lopsided range as markets came to terms with the expectation of Wednesday's US Federal Reserve (Fed) meeting. Investors generally expect US rates to remain unchanged this week, but traders will be looking for an increase in the Fed's guidance on the possible timing of rate cuts.
The German consumer price index (CPI) inflation rate increased to 0.5% month-on-month in April, up from the previous reading of 0.4%. However, this was below the forecast of 0.6%. Germany's year-on-year harmonised consumer price index (HICP) inflation rate rose to 2.4%, compared to a forecast of 2.3%. On Tuesday, markets will await eurozone HICP inflation, which is expected to come in at 2.4% for the year ended April.
Tuesday's European market session will also see the release of European gross domestic product (GDP) data, which is forecast to have grown by a meagre 0.1% in the first quarter compared to a flat 0.0% in the previous quarter.
This week’s key headlines will be the Federal Reserve’s latest rate meeting on Wednesday and Friday’s NFP employment data, which is expected to show a slight weakening from the previous month’s 12-month peak of 303k. US NFP is forecast to fall to 243k additional jobs on Friday.
Trading recommendation: If the price consolidates below 1.0690, we start selling. In case of overcoming the mark 1.0730 - buy.
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