24 September 2024, EUR/USD
EURUSD:
The EUR/USD exchange rate saw a modest decline of 0.5% on Monday, indicating a loss of recent bullish momentum. The Fib declined on one of the most challenging trading days of the second half of the year, following the release of EU Purchasing Managers' Index (PMI) data that fell short of expectations and US PMI data that showed only slight improvement.
Tuesday will be a relatively quiet day for EUR/USD, with minimal data releases anticipated on either side of the Atlantic. However, there is expected to be a speech from Federal Reserve (Fed) Governor Michelle Bowman.
Despite the dollar's general weakening following the Fed's surprise double rate cut last week, negative market sentiment towards the euro is preventing gains in the EUR/USD.
The September S&P US Manufacturing PMI declined to 47.0 m/m, reaching its lowest level since July 2023. This is indicative of the persisting gloomy outlook for business activity in the US manufacturing sector. In contrast, the S&P US Services PMI Purchasing Managers' Index declined to 55.4 in September, down from 55.7 in August. However, this figure exceeded the projected 55.2.
Austan Goolsbee, a policymaker at the Federal Reserve Bank of Chicago and President of the Chicago Fed, made comments on Monday that had a chilling effect on the markets. He noted that the Fed may have to make further rate moves to keep business credit conditions liquid enough to keep the keel on U.S. business as record tightness in the U.S. labour market winds down.
Trade recommendation: Trading predominantly Buy orders from the current price level.
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