08 March 2024, EUR/USD
Events to pay attention to today:
12:00. EUR - GDP Volume Change
15:30. USD - Nonfarm-Payrolls
EURUSD:
The Euro-dollar pair hit new multi-week highs around the mid-1.0900s in the early hours of Asian trading on Friday. The European Central Bank (ECB) decided to leave monetary policy unchanged on Thursday as the central bank remains committed to bringing inflation back into the target range. On Friday, attention will shift to the US Non-Farm Payrolls (NFP) data. The major pair is currently trading around 1.0945.
On Thursday, the ECB left the main refinancing operations interest rate, marginal lending facility and deposit facility interest rates unchanged at 4.5%, 4.75% and 4.0% respectively. The central bank said it would maintain restrictive policy as long as necessary to bring inflation down to the ECB's target level. However, a first rate cut at the June meeting is likely if inflation figures continue to improve.
On the other side of the ocean, Fed Chairman Jerome Powell said Thursday that an interest rate cut could be just around the corner if inflation signals are favorable. However, Powell emphasized that the timing and extent of a rate cut will depend on the data. Investors expect the first rate cut to occur in June, with four full percentage point cuts by the end of 2024.
Trading recommendation: Watch the level of 1.0950, buy on consolidation
FreshForex provides an opportunity to increase trading volumes with an impressive Deposit bonus 300% on every deposit of $100 or more!
id 
ar 
ru 
vn 
es 
pt 
th 
kz 
ua 
tj 
uz 
az 
ms 