09 Agosto 2024, EUR/USD
EURUSD:
The EUR/USD pair ended its three-day losing streak, trading near the 1.0920 mark during the Asian session. The EUR/USD pair's rise could be attributed to a decline in the US Dollar (USD), which could be attributed to heightened expectations of a dovish policy from the US Federal Reserve (Fed).
However, EURUSD ran into trouble when US Initial Jobless Claims for the week ending August 2 fell to 233,000, below market expectations of 240,000. The decline followed an upwardly revised reading of 250,000 in the previous week, which was the highest in a year.
The U.S. Dollar Index (DXY), which reflects the value of the U.S. dollar against six other major currencies, has pulled back from recent gains and is trading around 103.20. In addition, declining U.S. Treasury yields are weighing on the dollar, standing at 4.01% and 3.97% respectively at the time of writing.
On Thursday, Kansas City Fed President Jeffrey Schmid said that a reduction in monetary policy may be "appropriate" if inflation remains low. Schmid noted that the Fed's current policy "is not that restrictive" and that while the Fed is close to its 2% inflation target, it has not yet fully achieved it, Reuters reported.
On the euro, European Central Bank (ECB) policymaker Olli Rehn said on Wednesday that the central bank could continue to cut interest rates if inflation slows in the near future. Rehn said: "Inflation continues to slow, but the path to the 2% target remains bumpy this year," according to Reuters.
Trading recommendation: Trade predominantly Buy orders from the current price level
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