07 February 2024, EUR/USD
Events to watch out for today:
15:30 EET. USD - Foreign trade balance
17:30 EET. USD - Crude oil inventory data from the Department of Energy
EURUSD:
EUR-USD bounced off the 2024 lows of 1.0720 and back to 1.0760 amid renewed selling of the US dollar today at the start of the Asian session.
On Tuesday, Federal Reserve Bank of Philadelphia President Patrick Harker said the Fed made the right choice last week by leaving interest rates unchanged amid a forecast that likely portends further declines in inflation.
Eurostat data released on Tuesday showed Eurozone retail sales fell 1.1 per cent month-on-month in December after rising 0.3 per cent in the previous reading, worse than market expectations of 1.0 per cent. On an annualised basis, Eurozone retail sales fell 0.8% y/y in December, down from 0.4% in November, above the consensus forecast of a 0.9% drop.
Cleveland Fed President Loretta Mester said she may open the door to lower interest rates later this year if the economy performs as expected. Fed Chairman Jerome Powell said Sunday night that the central bank remains committed to cutting interest rates three times this year, with an expected start as early as May. The postponement of monetary easing by the Fed may provide some support for the US dollar in the near term. Traders estimate the probability of a rate cut at the March meeting at 15%, according to CME's FedWatch tool.
Trade recommendation: Sell orders up to the price level of 1.0710
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