30 January 2024, EUR/USD
Event to watch out for today:
12:00. EUR - GDP Volume Change
17:00. USD - Consumer Confidence Indicator
EURUSD:
EUR/USD is recovering lost ground below the mid-1.0800s in the early hours of Asian trading on Tuesday. The recovery of the major pair is driven by a moderate decline in the US Dollar (USD) and a decline in US Treasury bond yields. Ahead of the Federal Open Market Committee (FOMC) meeting on Wednesday, investors are expecting new data on German and Eurozone gross domestic product (GDP) for Q4.
European Central Bank (ECB) Governing Council member Peter Casimir said that the central bank would not rush to cut interest rates so as not to derail inflation progress. Casimir added that it would be risky to act quickly in response to short-term surprises without more clarity on the medium-term outlook. In addition, Bank of France Governor Francois Villeroy de Gallo said that the ECB will cut rates this year and that all will be revealed at its next meeting on 7 March.
The Federal Reserve (Fed) is likely to keep key interest rates unchanged for the fourth consecutive time. However, there is a possibility that the Fed could cut rates by 25 basis points (bps) in March. According to the CME FedWatch Tool, futures traders estimate the probability that the Fed will cut interest rates at the March meeting for the first time this cycle at 45.9%.
Trading recommendation: Trade Sell orders from the current price level
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