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The dollar puts pressure on the euro

The dollar puts pressure on the euro | 08 April 2024

08 April 2024, EUR/USD

The dollar puts pressure on the euro

EURUSD:

The EUR/USD pair is trying to capitalize on Friday's good bounce of around 50 pips from levels below 1.0800 and meets new supply during the Asian session on Monday. Spot prices are currently trading around 1.0835 and remain at the mercy of US Dollar (USD) price action.

The monthly US employment data, known as the Nonfarm Payrolls (NFP) report, showed that the economy added more jobs than expected in March with 303 thousand. This has led investors to lower their bets on a possible interest rate cut by the Federal Reserve (Fed) in June, bringing the total number of rate cuts to two in 2024. This outlook keeps US Treasury yields high, which in turn is a tailwind for the dollar and puts some pressure on EUR/USD.

Traders may also prefer to move sideways ahead of this week's key releases from the US - the latest consumer inflation data and the crucial FOMC meeting minutes on Wednesday. This data, as well as Thursday's European Central Bank (ECB) meeting, should provide meaningful momentum for EURUSD.

Rising bets on a June ECB rate cut, confirmed by weaker Eurozone consumer inflation data last week, may continue to weigh on the euro and keep EUR/USD bulls on edge.

Trade recommendation: Sell to the price level of 1.0800

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David Johnson
Analyst of «FreshForex» company
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