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EUR/USD rises after intraday drop to weekly low

EUR/USD rises after intraday drop to weekly low | 10 September 2024

10 September 2024, EUR/USD

EUR/USD rises after intraday drop to weekly low

EURUSD:

The Euro-dollar pair has recovered a few pips from the weekly low around 1.1030-1.1025 reached in Tuesday's Asian session and for the moment seems to have broken a two-day losing streak. Nevertheless, significant appreciation still seems elusive amid some follow-through buying in the US Dollar (USD).

Investors have lowered expectations for a larger, 50 basis points (bps) interest rate cut by the Federal Reserve (Fed) in September following Friday's mixed US jobs report. This helps the US Dollar attract buyers for the third consecutive day and return to the one-month peak reached last week, which in turn is a headwind for EURUSD.

The latest US consumer inflation data is due to be released on Wednesday, followed by the Producer Price Index (PPI) on Thursday. These data will play a key role in shaping market expectations regarding the size of the Fed's rate cut this month, which in turn will stimulate demand for the dollar. In addition, the ECB's crucial policy decision on Thursday will give new impetus to EUR/USD.

Trading recommendation: Watch the level of 1.1050, when fixing above it consider Buy positions, when rebounding consider Sell positions.

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David Johnson
Analyst of «FreshForex» company
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