19 February 2024, EUR/USD
EURUSD:
EUR/USD is trading on a stronger note below the 1.0800 psychological barrier in the early hours of Asian trading on Monday. Investors are awaiting the release of FOMC meeting minutes and Eurozone PMI data this week for fresh impetus. US markets are closed on Monday due to the President's Day holiday. At the time of publication, the major pair is trading at 1.0781, adding 0.04% for the day.
On Friday, the U.S. Producer Price Index (PPI), which reflects prices received by producers of goods and services, rose 0.3% month-over-month in January, the biggest increase since August. The core PPI, which excludes food and energy, rose 0.5% m/m in January, also contradicting expectations for a 0.1% rise. On a year-over-year basis, the core price index rose 0.9% y/y, while the core price index rose 2.0% y/y from the previous 1.7% reading.
Federal Reserve (Fed) Chairman Jerome Powell said the central bank needs more certainty that inflation is on a downward trajectory before it can cut rates. Recent U.S. economic data suggests that more time may be needed. Traders will be more focused on the minutes of the January FOMC meeting, with a particular focus on the discussion on the timing of rate cuts.
Wednesday's FOMC meeting minutes will be the focus of attention. Later in the week, preliminary Eurozone PMI data for February will be released, followed by the US PMI from S&P Global on Thursday. This data could give a clear direction for the Euro-Dollar pair.
Trading recommendation: Trade in the range of 1.0740-1.0800 on bounces from levels
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