04 March 2024, EUR/USD
EURUSD:
EUR/USD started the new week on a positive note in the early hours of Asian trading on Monday. The growth of the major pair is supported by the weakening of the US dollar (USD). Investors will be closely watching the European Central Bank (ECB) monetary policy meeting on Thursday and the rate is expected to remain unchanged. Currently, the Euro-Dollar pair is trading at 1.0845, having added 0.07% on the day.
Several Federal Reserve (Fed) policymakers have said that the timing of interest rate cuts will depend on incoming economic data. Boston Fed chief Susan Collins and New York Fed chief John Williams said the first rate cut is likely to come later this year, while Atlanta Fed chief Rafael Bostic said he expects policy easing this summer.
According to the Institute for Supply Management (ISM), the U.S. manufacturing PMI fell to 47.8 in February from a previous reading of 49.1, below market consensus. The New Orders Index fell into declining territory at 49.2, while the Production Index came in at 48.4 and the Employment Index at 45.9.
Trading recommendation: Trade predominantly with Buy orders from the current price level
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