Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Fundamental Analysis
>
Waiting for the news background on the dollar

Waiting for the news background on the dollar | 04 September 2024

04 September 2024, EUR/USD

Waiting for the news background on the dollar

Events to watch out for today:

11:00 GMT+3. EUR - Composite PMI

15:30 GMT+3. USD - Foreign Trade Balance

EURUSD:

EUR/USD continued to decline on Tuesday before ending the day back near 1.1050. Price movement remains limited as markets prepare for the latest US Non-Farm Payrolls (NFP) data this week, but a drop in the ISM Purchasing Managers' Index (PMI) has renewed fears of a looming recession.

Meaningful European data remains limited in the first half of the trading week, and traders will be hard at work on Thursday thanks to updated pan-European retail sales data for July, as well as preliminary US employment data ahead of Friday's NFP release.

Pan-European retail sales for the year to July are expected to rebound slightly, with a 0.1% y/y rise from the previous -0.3% decline. European gross domestic product (GDP) data is also scheduled for Friday, and growth in the second quarter is expected to remain broadly in line with previous readings.

The ISM US Manufacturing PMI for August came in below expectations at 47.2, falling short of the median forecast of 47.5. Despite a soft rebound from July's multi-month low of 46.8, it failed to cheer markets, giving already cautious investors a great excuse to pull back from the recent lopsided bias towards bullish expectations.

Friday's US Non-Farm Payrolls (NFP) report is of great importance. It represents the last round of key US labour data before the Federal Reserve (Fed) announces its latest rate decision on 18 September. Friday's NFP report is expected to set the tone for market expectations regarding the depth of the Fed's rate cut, as investors are already fully geared up for the start of a new round of rate cuts this month.

Trading recommendation: Watch the level of 1.1085, if the level is fixed above we consider Buy positions, if the level bounces back we take Sell positions.

Connect Drawdown bonus 101% and trade with double deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.