Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Fundamental Analysis
>
Euro expects momentum during the week

Euro expects momentum during the week | 09 September 2024

09 September 2024, EUR/USD

Euro expects momentum during the week

EURUSD:

EUR/USD is trying to recover the previous session's losses, trading near 1.1080 during Monday's Asian session. However, EUR/USD's gains may be limited as the latest Eurozone inflation data reinforced expectations of a rate cut by the European Central Bank (ECB) at its upcoming policy meeting on Thursday.

With core inflation approaching 2% and long-term inflation forecasts remaining around the same level, there is ample reason for the ECB to further ease monetary policy. In addition, mixed gross domestic product (GDP) data from the Eurozone last week reinforced expectations of a potential ECB rate cut.

On Friday, economic data from the US added to uncertainty over the likelihood of an aggressive interest rate cut by the Federal Reserve (Fed) at its September meeting. The US Bureau of Labour Statistics (BLS) reported that non-farm payrolls (NFP) increased by 142,000 jobs in August, below the forecast of 160,000 but better than the downwardly revised July figure of 89,000. Meanwhile, the unemployment rate fell to 4.2%, as expected, down from 4.3% the previous month.

According to the CME FedWatch Tool, markets fully expect the Federal Reserve to cut rates by at least 25 basis points (bps) at its September meeting. The probability of a 50 bps rate cut fell slightly to 29.0% from 30.0% a week ago.

Federal Reserve Bank of Chicago (Fed) President Austan Goolsbee noted on Friday that Fed officials are beginning to agree with the broad market's view that a rate adjustment by the U.S. central bank is inevitable, according to CNBC. FXStreet's FedTracker system, which uses a proprietary artificial intelligence model to rate Fed officials' speeches on a scale of 0 to 10, rated Goolsbee's comments as dovish, giving them a 3.2 rating.

Trading recommendation: Watch the level of 1.1115, if the level is fixed above, we take Buy positions, if the level rebounds, we take Sell positions.

FreshForex offers a wonderful 300% bonus on every deposit of $100 or more, giving you the opportunity to increase your trading volumes!

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.