EUR/USD hits 3-week low, will NFP data release save or destroy?

8 時間前

The EUR/USD exchange rate has fallen to 1.1027, a three-week low. The euro's fall reflects market expectations that the European Central Bank will continue to ease monetary policy aggressively, spurred by slow eurozone growth and inflation below the ECB's 2 per cent target.

In recent data, the annual consumer price index in the Eurozone eased to 1.8% in September, the lowest since April of 2021 and below expectations of 1.9%. Also, core inflation eased to 2.7 percent year-on-year from 2.8 percent, contrary to expectations of remaining steady. The weaker-than-expected inflation figures increase the likelihood that the European Central Bank will cut interest rates for the third time this year at its upcoming meeting in October. The market is now pricing in a 95% chance of a quarter-point cut.

Strong statistics from the US services sector weighed further on the EUR/USD exchange rate, adding to the euro's woes.

With a big day ahead, the focus is now on the US job market report including unemployment rate, non-farm payrolls (NFP) and average wages, which could further sway the pair's moves.

Eur/USD recently completed a downward move to 1.1008 before correcting higher to 1.1039. Today, the expectation is for a decline to 1.0982. After reaching this target, a corrective move towards 1.1066 is likely. After this correction, another downtrend towards 1.0966 is expected. The MACD indicator supports this bearish outlook with its signal line located below zero and trending downward.

1 分前

トレード稼働中

I want to understand whether you come to the market to make money or to gamble? If you want to make money then come with me. Do as I say and your profits will double. Let your profits grow. As long as you stick to it, your weekly stable profits will be at least between 150% and 300%. Don't wait until your account balance reaches 0 to realize there is something wrong with your trading methods.