16 October 2024, EUR/USD
EURUSD:
The Euro could face negative pressure as the European Central Bank (ECB) is expected to cut the key refinancing and deposit rates by 25 basis points during its meeting on Thursday.
Traders are expected to keep a close eye on Eurozone Harmonized Index of Consumer Prices (HICP) data to be released on Thursday ahead of the European Central Bank's (ECB) policy decision.
In addition, key events of interest will be the ECB's monetary policy statement and President Christine Lagarde's speech at the post-meeting press conference, as they could provide insight into the bank's monetary policy direction.
Markets are now forecasting a 125 basis point rate cut over the next year. According to the CME FedWatch Tool, the probability of a rate cut in November is 94.1%, with no expected cut of more than 50 basis points.
Federal Reserve Bank of Atlanta President Raphael Bostic said Tuesday he expects another 25 basis point interest rate cut this year, which is reflected in his projections at last month's U.S. central bank meeting.
Trade recommendation: Trading mainly by Sell orders from the current price level.
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