31 Oktober 2024, EUR/USD
An event to watch out for today:
12:00 EET. EUR - Consumer Price Index
14:30 EET. USD - Core PCE Price Index
EURUSD:
The Euro-dollar pair is attracting buyers near the 1.0855 mark in the early Asian session on Thursday. The weakening US dollar (USD) and better-than-expected Eurozone third-quarter gross domestic product (GDP) data provide some support for the major pair.
The US economy grew at an annualized rate of 2.8% in the third quarter (Q3), slightly below economists' forecast of 3%. Meanwhile, private sector employment rose by 233,000 jobs in October, up from September's 159,000 (revised from 143,000), according to the October ADP National Employment Report.
The U.S. dollar index (DXY), which measures the dollar against six major peers, retreated to a one-week low of 104.09 after hitting its highest since July 30 at 104.63 on Tuesday. Yuto Shinohara, senior investment strategist at Mesirow Currency Management in Chicago, says markets expect a 25 basis points (bps) rate cut at the November meeting, but another rate cut in December remains a matter of a tossed coin.
According to Eurostat's preliminary estimate, the Eurozone economy grew 0.4% quarter-on-quarter in the third quarter of 2024, higher than the 0.2% expected. On an annualized basis, Eurozone GDP grew 0.9% in the third quarter, above the market consensus forecast of 0.8%.
Investors will be watching for data on the harmonized consumer price index (HICP) in the Eurozone and the personal consumption expenditure (PCE) price index in the US, due out later on Thursday.
Trading recommendation: Watch the level of 1.0850, if the level is fixed above consider Buy positions, if the level rebounds consider Sell positions.
Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.
en 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 
ms 