01 Agosto 2024, EUR/USD
Event to watch out for today:
15:30 GMT+3. USD - Unemployment Claims
17:00 GMT+3. USD - ISM Manufacturing Index
EURUSD:
The Euro-dollar pair rebounded to almost 1.0835 during the Asian session on Thursday. The weakening of the US dollar (USD) following the Federal Reserve's (Fed) interest rate decision provides some support to the major pair. The main event on Thursday will be the data on the US manufacturing sector business activity index from ISM for July.
On Wednesday, as expected, the Fed left the benchmark interest rate unchanged in the range of 5.25%-5.50%, which is a 23-year high. The federal funds rate has been at this level since July 2023 as part of the Fed's work to contain inflation to the target level. After “some further” progress on inflation, Fed Chairman Jerome Powell said a September rate cut “may be on the table.” This in turn pressured the US Dollar and created a tailwind for EUR/USD.
Eurozone inflation rose again in July, casting doubt on whether the European Central Bank (ECB) could cut interest rates in September. Data released by Eurostat on Wednesday showed that preliminary estimates showed that the Harmonized Index of Consumer Prices (HICP) in the Eurozone rose by 2.6% y/y in July, up from 2.5% in the previous month. The figure exceeded the estimate of 2.4%. The Euro attracted some buying in response to the data as traders reconsider the likelihood that the ECB will cut interest rates at its September 14 meeting.
Trading recommendation: Trade mainly with Buy orders from the current price level.
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